Vancouver’s detached real estate market has wiped out over a year of gains. Real Estate Board of Greater Vancouver (REBGV) numbers show prices continued to fall in December. The falling prices were accompanied by a record low for sales, and higher inventory.
Greater Vancouver Detached Prices Fall Over 7%
The price of a typical Vancouver detached home is dropping. REBGV reported a benchmark price of $1,479,000 in December, down 1.4% from the month before. Prices are now down 7.8% compared to the same month last year. In the City, Vancouver East fell to $1,447,300, down 7.2% from last year. Vancouver West saw detached prices fall to $3,135,400, an even more steep decline of 11.8% from last year. The region has officially wiped out over a year worth of gains, falling back to April 2016 levels.
Greater Vancouver Detached Benchmark Price
The price of a typical detached home across the Greater Vancouver Real Estate Board, in Canadian dollars.
Month
Detached
Jan 2005
545,600
Feb 2005
547,800
Mar 2005
550,000
Apr 2005
552,700
May 2005
558,700
Jun 2005
565,300
Jul 2005
572,400
Aug 2005
580,000
Sep 2005
588,200
Oct 2005
592,000
Nov 2005
596,400
Dec 2005
600,700
Jan 2006
612,700
Feb 2006
624,700
Mar 2006
636,800
Apr 2006
648,800
May 2006
661,300
Jun 2006
674,400
Jul 2006
677,700
Aug 2006
681,500
Sep 2006
685,300
Oct 2006
685,900
Nov 2006
686,400
Dec 2006
687,000
Jan 2007
695,700
Feb 2007
704,400
Mar 2007
713,700
Apr 2007
725,100
May 2007
736,600
Jun 2007
748,600
Jul 2007
753,500
Aug 2007
759,000
Sep 2007
763,900
Oct 2007
766,600
Nov 2007
769,300
Dec 2007
772,100
Jan 2008
780,300
Feb 2008
789,000
Mar 2008
798,300
Apr 2008
801,000
May 2008
804,300
Jun 2008
807,500
Jul 2008
794,400
Aug 2008
781,900
Sep 2008
769,300
Oct 2008
748,100
Nov 2008
727,900
Dec 2008
708,200
Jan 2009
703,300
Feb 2009
697,900
Mar 2009
693,000
Apr 2009
701,700
May 2009
710,400
Jun 2009
719,700
Jul 2009
733,300
Aug 2009
747,500
Sep 2009
762,200
Oct 2009
772,600
Nov 2009
783,500
Dec 2009
794,400
Jan 2010
807,000
Feb 2010
819,000
Mar 2010
834,300
Apr 2010
841,400
May 2010
844,600
Jun 2010
840,800
Jul 2010
834,800
Aug 2010
829,400
Sep 2010
826,600
Oct 2010
824,400
Nov 2010
829,900
Dec 2010
829,900
Jan 2011
847,400
Feb 2011
860,500
Mar 2011
879,000
Apr 2011
911,200
May 2011
926,500
Jun 2011
936,900
Jul 2011
943,900
Aug 2011
946,100
Sep 2011
945,000
Oct 2011
945,000
Nov 2011
941,800
Dec 2011
934,700
Jan 2012
935,200
Feb 2012
949,900
Mar 2012
960,900
Apr 2012
970,700
May 2012
973,400
Jun 2012
966,900
Jul 2012
956,500
Aug 2012
947,800
Sep 2012
942,300
Oct 2012
933,600
Nov 2012
921,000
Dec 2012
909,600
Jan 2013
905,200
Feb 2013
905,200
Mar 2013
911,200
Apr 2013
918,300
May 2013
920,500
Jun 2013
923,200
Jul 2013
925,400
Aug 2013
928,700
Sep 2013
928,100
Oct 2013
928,100
Nov 2013
929,800
Dec 2013
931,400
Jan 2014
935,200
Feb 2014
940,100
Mar 2014
951,000
Apr 2014
962,500
May 2014
972,900
Jun 2014
982,700
Jul 2014
986,500
Aug 2014
988,100
Sep 2014
993,600
Oct 2014
1,000,700
Nov 2014
1,002,900
Dec 2014
1,007,200
Jan 2015
1,015,400
Feb 2015
1,032,300
Mar 2015
1,058,500
Apr 2015
1,083,600
May 2015
1,110,900
Jun 2015
1,130,500
Jul 2015
1,149,600
Aug 2015
1,167,700
Sep 2015
1,186,700
Oct 2015
1,204,200
Nov 2015
1,233,100
Dec 2015
1,255,500
Jan 2016
1,280,600
Feb 2016
1,316,100
Mar 2016
1,354,800
Apr 2016
1,414,300
May 2016
1,520,100
Jun 2016
1,566,000
Jul 2016
1,582,900
Aug 2016
1,581,800
Sep 2016
1,573,100
Oct 2016
1,549,600
Nov 2016
1,517,900
Dec 2016
1,489,000
Jan 2017
1,480,800
Feb 2017
1,481,900
Mar 2017
1,498,300
Apr 2017
1,527,800
May 2017
1,569,200
Jun 2017
1,587,800
Jul 2017
1,611,800
Aug 2017
1,615,100
Sep 2017
1,617,300
Oct 2017
1,609,600
Nov 2017
1,608,000
Dec 2017
1,605,800
Jan 2018
1,601,500
Feb 2018
1,602,000
Mar 2018
1,608,500
Apr 2018
1,605,800
May 2018
1,608,000
Jun 2018
1,598,200
Jul 2018
1,588,400
Aug 2018
1,561,000
Sep 2018
1,540,900
Oct 2018
1,524,000
Nov 2018
1,500,100
Dec 2018
1,479,000
Source: REBGV, Better Dwelling.
The price declines for a detached home are getting larger across Greater Vancouver. The 7.8% in December, is a very large jump from the 6.5% seen the month before. The 12 month pace of loss is now the largest it’s been since June 2009. Prices have fallen 8.53% from peak so far.
Greater Vancouver Detached Benchmark Percent Change
The 12 month percent change of a typical detached home across the Greater Vancouver Real Estate Board.
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Data provided by: Victoria Real Estate Board 3035 Nanaimo Street, Victoria, British Columbia V8T 4W2
All information displayed is believed to be accurate but is not guaranteed and should be independently verified. No warranties or representations are made of any kind.