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Thursday, 21 November 2019
Agent Resource Center
Agent Resource Center

Vancouver Market Ups & Downs

Written by Posted On Wednesday, 06 November 2019 06:22

greaterpropertygroup.com real estate canada vancouver housing condos houses

The number of Greater Vancouver real estate sales have made a gigantic leap this year.  Unfortunately that is not enough to keep prices from falling. The current numbers from the Real Estate Board of Greater Vancouver (REBGV) show that the sales have risen more than 40%...The enormous rise in the sales, however, has not been pumping the overall price point. In Vancouver, the prices of houses are the same as they were three years ago.

Real Estate Prices In Vancouver Decrease More Than 7%

 

The average price of a home, or the benchmark, once again decreased. A report from REBGVshows that the benchmark price for September, which was $990,600, is 7% lower than it was last year. The prices in East Vancouver decreased to $1,033,400, which is 8.1% lower than in 2018. In West Vancouver, the benchmark price decreased 7% year over year to  $1,225,200. 

Greater Vancouver Composite Benchmark Price

 

Here are the charts showing the benchmark prices of a typical home over the past 3 years in the Greater Vancouver Area:

Year

Month

Benchmark Price

2017

January

$914,100

 

February

$926,400

 

March

$943,300

 

April

$966,400

 

May

$992,500

 

June

$1,011,000

 

July

$1,031,000

 

August

$1,040,200

 

September

$1,046,700

 

October

$1,051,700

 

November

$1,051,100

 

December

$1,060,900

Year

Month

Benchmark Price

2018

January

$1,069,000

 

February

$1,084,400

 

March

$1,097,900

 

April

$1,103,200

 

May

$1,104,400

 

June

$1,104,400

 

July

$1,098,600

 

August

$1,083,200

 

September

$1,068,600

 

October

$1,061,300

 

November

$1,041,700

 

December

$1,033,300

Year

Month

Benchmark Price

2019

January

$1,021,000

 

February

$1,017,900

 

March

$1,012,500

 

April

$1,010,200

 

May

$1,006,400

 

June

$998,700

 

July

$995,200

 

August

$993,300

 

September

$990,600

The rate prices are decreasing is slowing down,  however, the prices are still moving towards multi-year lows. Just this year alone, the month of September has experienced a 7.3% decrease throughout the Greater Vancouver Area. This is the third time that the market has seen this amount of loss within the last 12-month span, bringing them down to levels not seen since April 2017.

In the City of Vancouver, East Vancouver is up by just 0.1% compared to 3 years ago. West Vancouver prices, on the other hand are 2.7% lower than three years ago. For long time home owners, the prices have still had enough growth over the past decade to land Vancouver on the worldwide real estate bubble top 10 list.

 

Greater Vancouver Composite Benchmark Price Change

Here are the charts showing the annual percent change of a typical house in the Greater Vancouver Area from 2017-2019:

Year

Month

Benchmark Price Change %

2017

January

15.77

 

February

13.89

 

March

13.04

 

April

11.84

 

May

9.4

 

June

8.14

 

July

8.81

 

August

9.51

 

September

10.74

 

October

12.36

 

November

13.96

 

December

15.87

Year

Month

Benchmark Price Change %

2018

January

16.95

 

February

17.06

 

March

16.3

 

April

14.16

 

May

11.27

 

June

9.24

 

July

6.56

 

August

4.13

 

September

2.09

 

October

0.91

 

November

-1.46

 

December

-2.6

Year

Month

Benchmark Price Change %

2019

January

-4.49

 

February

-6.13

 

March

-7.71

 

April

-8.43

 

May

-8.87

 

June

-9.57

 

July

-9.41

 

August

-8.3

 

September

-7.3

Greater Vancouver Real Estate Sales Rise Over 46%

 

The quantity of sales compared to total listings in the Greater Vancouver Area is on the way up. According to the report by REBGV, in September alone, there were 2,333 sales. This is 46.3% higher than in September 2018. This seems like a huge leap forward, however, it doesn’t seem that massive when compared to the decreases in value. 

greaterpropertygroup.com real estate canada vancouver housing condos houses

Greater Vancouver Composite Sales Vs. Listings

Here are the charts showing the number of houses sold versus the total inventory all over Greater Vancouver for the past three years:

Year

Month

Sales

Listings

2017

January

1,523

7,238

 

February

2,425

7,594

 

March

3,579

7,586

 

April

3,553

7,813

 

May

4,364

8,168

 

June

3,893

8,515

 

July

2,960

9,194

 

August

3,043

8,807

 

September

2,281

9,466

 

October

3,022

9,137

 

November

2,795

8,747

 

December

2,016

6,958

Year

Month

Sales

Listings

2018

January

1,818

6,947

 

February

2,207

7,822

 

March

2,517

8,380

 

April

2,579

9,822

 

May

2,833

11,292

 

June

2,425

11,947

 

July

2,070

12,137

 

August

1,929

11,824

 

September

1,595

13,084

 

October

1,966

12,984

 

November

1,608

12,307

 

December

1,072

10,275

Year

Month

Sales

Listings

2019

January

1,103

10,808

 

February

1,484

11,590

 

March

1,727

12,774

 

April

1,829

14,357

 

May

2,638

14,685

 

June

2,077

14,968

 

July

2,557

14,240

 

August

2,231

13,396

 

September

2,333

13,084

Greater Vancouver Real Estate Inventory Rises 2%

The amount of new listings for sale in Vancouver decreased last month. A report from REBGV shows that during September, there were 4,866 new listings. This is 29.9% higher than August. However, if you compare it year over year to September 2018, it’s a decrease of 7.8%.  

Even though the new listings are fewer than last year, the already existing inventory of unsold listings has pushed the total up. According to REBGV, there were 13,439 active listings last month, which is 0.3% higher than in August which is an increase of 2.7% when compared to August 2018.   

Photo credits to:

 

https://www.canadianarchitect.com/

https://www.marriott.com/

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