Greater Vancouver Real Estate Prices Are Still Falling
The price of a home in Greater Vancouver is getting more affordable every month. The REBGV benchmark price of a “typical” home fell to $1,008,400 in April, down 8.5% from last year. In the city proper, Vancouver West fell to $1,225,000, down 10.7% lower than last year. Vancouver East fell to $1,016,000, down 8.8% from last year. Prices may be falling, but this is still the most expensive market in the country by a wide margin.
Greater Vancouver Composite Benchmark Price
The price of a typical home across Greater Vancouver, in Canadian dollars.
The trend appears to be heading towards larger declines for the benchmark. Last month’s 8.5% annual decline is the largest printed since June 2009. Prices have now officially rolled back to May 2017 levels, losing nearly two years of gains.
Greater Vancouver Reported The Fewest April Sales in 19 years
Sales of Greater Vancouver real estate continue to slow to levels not seen in years. REBGV reported 1,829 sales in April, down 27.3% from last year. Sales are down over 61% from the 2016 record set for the month. Last month’s numbers were the fewest for April since 2000.
Greater Vancouver Composite Benchmark Price Change
The annual percent change of a typical home across Greater Vancouver.