Greater Vancouver detached real estate is still spiraling. Real Estate Board of Greater Vancouver (REBGV) numbers show sales dropped to a 20 year low in April. The decline in sales is combining with a multi-year high for inventory. The result is Greater Vancouver detached prices are now at the lowest level in three years.

Greater Vancouver Detached Real Estate Prices Down Over 11%

The price of a “typical” detached home is dropping rapidly, according to the board’s benchmark. REBGV reported the Greater Vancouver detached benchmark fell to $1,425,200 in April, down 11.1% from last year. In the City, Vancouver East’s typical detached home fell to $1,357,200, down 12.1% from last year. Vancouver West did even worse, with the benchmark dropping to $2,948,400, down 13.4% from last year. Those losses range from $177,000 to over $450,000 for the typical home – over just the past year.

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 losses on detached homes have been getting larger for the past few months. Last month’s 11.1% annual decline is the largest seen since April 2009. The annual pace of growth has now decelerated for 14 consecutive months. Prices are now the lowest they’ve been since April 2016 – three years ago.

Greater Vancouver Detached Benchmark Percent Change

The 12 month percent change of a typical detached home across the Greater Vancouver Real Estate Board.

Source: REBGV, Better Dwelling.

Fewest Detached Real Estate Sales In Over 20 Years

Greater Vancouver detached real estate sales fell to a low for the month. REBGV recorded 586 sales in April, up 10.8% from the month before. This represents a 27.02% decline compared to the same month last year. The monthly increase is seasonally expected, but the annual decline is not. This was the fewest detached sales for April in at least 20 years, as far as REBGV data went back. As for the City of Vancouver, it was the fewest detached sales for April since 1992.

Greater Vancouver Detached Sales Vs. New Listings

The total number of detached sales, compared to the number of new detached listings per month.

Source: REBGV, Better Dwelling.

Greater Vancouver Detached Real Estate Inventory Rises 10%

New listings for Greater Vancouver detached homes fell, compared to last year. REBGV reported 2,085 new listings in April, up 16% from the month before. This represents a 15.89% decline compared to the same month last year. Once again, the monthly increase is expected, the annual decline is not. Falling new listings did little to relieve building levels of inventory.

The total number of active detached listings reached a multi-year high for the month. There were 6,236 active listings in April, up 10.39% from the month before. This represents an increase of 8.71% compared to the same month last year. That is the most detached inventory for the month of April since 2014.

Falling sales and rising inventory is pointing to potentially lower prices. The sales to active listings ratio (SALR) fell to 9.4%, down a third from last year. When the ratio is above 20%, the market is a seller’s market – where prices are expected to rise. The ratio below 12% is a buyer’s market, where prices are expected to fall. Between 12% and 20% is balanced, and the market is priced right for demand. Currently the market is considered a buyer’s market.

Greater Vancouver’s detached market is seeing lower prices, fueled by a rapid shift in demand. Sales have fallen to a multi-decade low, while inventory is at a multi-year high. A strange sight, considering the economy is theoretically doing very well.

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