Monday, 09 December, 2019

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Greater Vancouver Real Estate Prices Stop Falling, As Sales Jump | Better Dwelling


Greater Vancouver real estate market is seeing a big return from buyers. Real Estate Board of Greater Vancouver (REBGV) numbers show sales surged in November. Higher sales were accompanied by less inventory, helping to bring prices up for a second month. Despite the 2 months of rising, annual price growth remains negative. Although the gap between last year’s prices is narrowing.

Greater Vancouver Real Estate Prices Are Down Over 4%

Greater Vancouver real estate prices are still below last year. REBGV’s composite benchmark reached $993,700 in November, down 4.6% from last year. In the City of Vancouver, Vancouver East’s benchmark hit $1,044,000, down 4.5% from last year. In pricey Vancouver West, the it hit $1,224,700 – down 5.3% from last year. All of these numbers are lower than last year, but losses are shrinking.

Greater Vancouver Composite Benchmark Price

The price of a typical home across Greater Vancouver, in Canadian dollars.

Source: REBGV, Better Dwelling.

Composite prices are seeing smaller losses, and have stopped falling – for now, at least. The annual rate of growth is still negative, but the gap between last year’s numbers is closing. There’s only been two consecutive months of climbing, so it’s too early to tell if the trend bottomed. However, it’s worth watching this one closely since Toronto just pulled a 180.

Greater Vancouver Composite Benchmark Price Change

The annual percent change of a typical home across Greater Vancouver.

Source: REBGV, Better Dwelling.

Greater Vancouver Real Estate Sales Rise Over 55%

Greater Vancouver real estate sales recovered, and are back above normal. REBGV reported 2,498 sales in November, down 12.6% from the month before. This represents an increase of 55.3% from the same month last year. It seems ridiculously high, but you have to remember last year was a multi-year low for sales volumes. This past November is just 4% above the 10-year average volume for the month. Sales volumes are above average, but not by a very large number like the headline.

Greater Vancouver Composite Sales Vs. Listings

The number of homes sold vs total inventory in Greater Vancouver.

Source: REBGV, Better Dwelling.

Greater Vancouver Real Estate Inventory Falls Over 12%

Owners are less enthused about selling right now. There were just 2,987 new listings in November, down 26.7% from the month before. This represents a decline of 13.7% from the same month last year. Fewer new listings and a higher number of sales predictably took out a lot of the total inventory.

Active listings in Greater Vancouver made a pretty big drop last month. REBGV reported 10,770 active listings in November, down 12% from the month before. This represents a decline of 12.5%, when compared to last year. The number is lower than last November, but still higher than the period in 2015 to 2017 – when prices made a big climb.

The numbers last month weren’t good or bad – they were very middle of the road. Which is an improvement from prices dropping for a year. Losses are getting smaller, as inventory falls and sales rise. The good news is demand isn’t nearly as tight as it was when prices went parabolic.

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