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.
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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