Vancouver Condo Prices Make Largest Single Month Price Drop… Ever

Dated: December 24 2018

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Vancouver Condo Prices Make Largest Single Month Price Drop… Ever

DECEMBER 18, 2018

Greater Vancouver condo prices are cooling down in a big way. Real Estate Board of Greater Vancouver(REBGV) numbers show price appreciation has fallen to a multi-year low in November. The slowing growth was accompanied by plummeting sales, and soaring inventory.

Greater Vancouver Condo Prices Dropped Over $15k Last Month

The price of a condo apartment in Greater Vancouver is higher than last year, but made a sharp decline. REBGV reported a condo benchmark of $667,800 in November, down 2.29% from the month before. The decline brings the annual rate of growth to just 2.3% across the board. In the city, prices are doing a little worse. Vancouver East’s typical condo price reached $551,400, up 2% from last year. Vancouver West saw the typical price come in at $781,900, down 3.6% from last year. Yeah, they’re falling behind CPI at best.

Greater Vancouver Condo Apartment Benchmark Price

The price of a typical condo apartment across Greater Vancouver, in Canadian dollars.

Benchmark PriceJan 2005Jun 2005Nov 2005Apr 2006Sep 2006Feb 2007Jul 2007Dec 2007May 2008Oct 2008Mar 2009Aug 2009Jan 2010Jun 2010Nov 2010Apr 2011Sep 2011Feb 2012Jul 2012Dec 2012May 2013Oct 2013Mar 2014Aug 2014Jan 2015Jun 2015Nov 2015Apr 2016Sep 2016Feb 2017Jul 2017Dec 2017May 2018Oct 2018$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000$800,000Canadian Dollars
MonthBenchmark Price
Jan 2005248,800
Feb 2005250,800
Mar 2005252,600
Apr 2005254,300
May 2005258,800
Jun 2005264,000
Jul 2005268,200
Aug 2005271,500
Sep 2005277,200
Oct 2005278,700
Nov 2005280,700
Dec 2005283,200
Jan 2006288,100
Feb 2006294,900
Mar 2006300,100
Apr 2006307,300
May 2006314,000
Jun 2006317,800
Jul 2006321,000
Aug 2006324,500
Sep 2006327,200
Oct 2006326,700
Nov 2006326,700
Dec 2006324,700
Jan 2007330,200
Feb 2007333,700
Mar 2007336,900
Apr 2007341,900
May 2007346,400
Jun 2007350,400
Jul 2007354,100
Aug 2007359,100
Sep 2007362,000
Oct 2007364,300
Nov 2007366,500
Dec 2007368,000
Jan 2008370,000
Feb 2008373,500
Mar 2008375,700
Apr 2008377,200
May 2008377,200
Jun 2008378,200
Jul 2008370,500
Aug 2008367,300
Sep 2008363,000
Oct 2008352,800
Nov 2008342,400
Dec 2008331,900
Jan 2009330,400
Feb 2009327,200
Mar 2009325,200
Apr 2009330,200
May 2009335,900
Jun 2009341,900
Jul 2009347,400
Aug 2009352,600
Sep 2009359,100
Oct 2009360,600
Nov 2009364,800
Dec 2009368,500
Jan 2010370,300
Feb 2010373,500
Mar 2010375,200
Apr 2010377,500
May 2010375,200
Jun 2010372,700
Jul 2010367,800
Aug 2010366,500
Sep 2010365,300
Oct 2010364,500
Nov 2010364,300
Dec 2010362,800
Jan 2011363,000
Feb 2011364,800
Mar 2011370,500
Apr 2011374,700
May 2011377,200
Jun 2011379,000
Jul 2011378,500
Aug 2011377,700
Sep 2011375,200
Oct 2011372,200
Nov 2011372,500
Dec 2011371,500
Jan 2012373,000
Feb 2012375,500
Mar 2012378,500
Apr 2012379,700
May 2012382,900
Jun 2012379,500
Jul 2012377,200
Aug 2012372,700
Sep 2012370,800
Oct 2012370,800
Nov 2012370,000
Dec 2012366,800
Jan 2013364,500
Feb 2013366,300
Mar 2013369,000
Apr 2013372,200
May 2013371,500
Jun 2013374,700
Jul 2013374,500
Aug 2013372,200
Sep 2013372,700
Oct 2013372,200
Nov 2013374,500
Dec 2013374,000
Jan 2014378,000
Feb 2014379,700
Mar 2014382,700
Apr 2014382,200
May 2014384,400
Jun 2014384,900
Jul 2014383,400
Aug 2014385,700
Sep 2014385,700
Oct 2014387,200
Nov 2014386,700
Dec 2014387,900
Jan 2015387,200
Feb 2015391,200
Mar 2015395,400
Apr 2015399,600
May 2015403,100
Jun 2015406,100
Jul 2015406,800
Aug 2015410,800
Sep 2015420,500
Oct 2015430,200
Nov 2015438,900
Dec 2015440,700
Jan 2016450,100
Feb 2016463,600
Mar 2016471,800
Apr 2016484,000
May 2016494,200
Jun 2016510,600
Jul 2016520,300
Aug 2016524,800
Sep 2016522,300
Oct 2016523,300
Nov 2016523,300
Dec 2016520,600
Jan 2017522,300
Feb 2017536,700
Mar 2017549,700
Apr 2017566,600
May 2017583,800
Jun 2017600,700
Jul 2017616,600
Aug 2017626,800
Sep 2017635,800
Oct 2017642,000
Nov 2017648,200
Dec 2017655,400
Jan 2018665,400
Feb 2018682,800
Mar 2018693,500
Apr 2018701,000
May 2018701,700
Jun 2018704,200
Jul 2018700,500
Aug 2018695,500
Sep 2018687,300
Oct 2018683,500
Nov 2018667,800

Source: REBGV, Better Dwelling.

The sharp monthly decline and tapering annual gains are worth paying attention to. The $15,700 monthly decline is the largest single month dollar decline the condo benchmark has ever seen. The 2.3% annual gain marks the 10th consecutive month of deceleration. The annual pace of growth is also the slowest we’ve seen since December 2013.

Greater Vancouver Condo Benchmark Price Change

The annual percent change of a typical condo across Greater Vancouver.

12 Month ChangeJan 2006Jun 2006Nov 2006Apr 2007Sep 2007Feb 2008Jul 2008Dec 2008May 2009Oct 2009Mar 2010Aug 2010Jan 2011Jun 2011Nov 2011Apr 2012Sep 2012Feb 2013Jul 2013Dec 2013May 2014Oct 2014Mar 2015Aug 2015Jan 2016Jun 2016Nov 2016
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Steven Axford

Steve Axford grew up in Victoria, BC and has always been active in his community. Steve is a Victoria Cougars Hockey Team alumni as well as a Victoria Shamrocks (intermediate) alumni. During his time....

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