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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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.
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