Vancouver Detached Real Estate Wipes Out Almost 2 Years Of Price Gains

Dated: 01/22/2019

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Vancouver Detached Real Estate Wipes Out Almost 2 Years Of Price Gains

JANUARY 8, 2019

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.

DetachedJan 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 20180200,000400,000600,000800,0001,000,0001,200,0001,400,0001,600,0001,800,000Detached Units
MonthDetached
Jan 2005545,600
Feb 2005547,800
Mar 2005550,000
Apr 2005552,700
May 2005558,700
Jun 2005565,300
Jul 2005572,400
Aug 2005580,000
Sep 2005588,200
Oct 2005592,000
Nov 2005596,400
Dec 2005600,700
Jan 2006612,700
Feb 2006624,700
Mar 2006636,800
Apr 2006648,800
May 2006661,300
Jun 2006674,400
Jul 2006677,700
Aug 2006681,500
Sep 2006685,300
Oct 2006685,900
Nov 2006686,400
Dec 2006687,000
Jan 2007695,700
Feb 2007704,400
Mar 2007713,700
Apr 2007725,100
May 2007736,600
Jun 2007748,600
Jul 2007753,500
Aug 2007759,000
Sep 2007763,900
Oct 2007766,600
Nov 2007769,300
Dec 2007772,100
Jan 2008780,300
Feb 2008789,000
Mar 2008798,300
Apr 2008801,000
May 2008804,300
Jun 2008807,500
Jul 2008794,400
Aug 2008781,900
Sep 2008769,300
Oct 2008748,100
Nov 2008727,900
Dec 2008708,200
Jan 2009703,300
Feb 2009697,900
Mar 2009693,000
Apr 2009701,700
May 2009710,400
Jun 2009719,700
Jul 2009733,300
Aug 2009747,500
Sep 2009762,200
Oct 2009772,600
Nov 2009783,500
Dec 2009794,400
Jan 2010807,000
Feb 2010819,000
Mar 2010834,300
Apr 2010841,400
May 2010844,600
Jun 2010840,800
Jul 2010834,800
Aug 2010829,400
Sep 2010826,600
Oct 2010824,400
Nov 2010829,900
Dec 2010829,900
Jan 2011847,400
Feb 2011860,500
Mar 2011879,000
Apr 2011911,200
May 2011926,500
Jun 2011936,900
Jul 2011943,900
Aug 2011946,100
Sep 2011945,000
Oct 2011945,000
Nov 2011941,800
Dec 2011934,700
Jan 2012935,200
Feb 2012949,900
Mar 2012960,900
Apr 2012970,700
May 2012973,400
Jun 2012966,900
Jul 2012956,500
Aug 2012947,800
Sep 2012942,300
Oct 2012933,600
Nov 2012921,000
Dec 2012909,600
Jan 2013905,200
Feb 2013905,200
Mar 2013911,200
Apr 2013918,300
May 2013920,500
Jun 2013923,200
Jul 2013925,400
Aug 2013928,700
Sep 2013928,100
Oct 2013928,100
Nov 2013929,800
Dec 2013931,400
Jan 2014935,200
Feb 2014940,100
Mar 2014951,000
Apr 2014962,500
May 2014972,900
Jun 2014982,700
Jul 2014986,500
Aug 2014988,100
Sep 2014993,600
Oct 20141,000,700
Nov 20141,002,900
Dec 20141,007,200
Jan 20151,015,400
Feb 20151,032,300
Mar 20151,058,500
Apr 20151,083,600
May 20151,110,900
Jun 20151,130,500
Jul 20151,149,600
Aug 20151,167,700
Sep 20151,186,700
Oct 20151,204,200
Nov 20151,233,100
Dec 20151,255,500
Jan 20161,280,600
Feb 20161,316,100
Mar 20161,354,800
Apr 20161,414,300
May 20161,520,100
Jun 20161,566,000
Jul 20161,582,900
Aug 20161,581,800
Sep 20161,573,100
Oct 20161,549,600
Nov 20161,517,900
Dec 20161,489,000
Jan 20171,480,800
Feb 20171,481,900
Mar 20171,498,300
Apr 20171,527,800
May 20171,569,200
Jun 20171,587,800
Jul 20171,611,800
Aug 20171,615,100
Sep 20171,617,300
Oct 20171,609,600
Nov 20171,608,000
Dec 20171,605,800
Jan 20181,601,500
Feb 20181,602,000
Mar 20181,608,500
Apr 20181,605,800
May 20181,608,000
Jun 20181,598,200
Jul 20181,588,400
Aug 20181,561,000
Sep 20181,540,900
Oct 20181,524,000
Nov 20181,500,100
Dec 20181,479,000

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.

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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