Canada’s most expensive real estate market continues its downward spiral. Real Estate Board of Greater Vancouver (REBGV) numbers show prices printed another month of declines April. Price declines were largely due to rising inventory, and the fewest sales for the month in almost two decades.
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.
Inventory For Greater Vancouver Real Estate Soars
The number of new listings for Greater Vancouver made a small decline. REBGV reported 5,742 new listings, up 16% from the month before. This represents a 1.3% decline when compared to the same month last year. The monthly rise was typical, but the annual decline meant more inventory sat around.
Greater Vancouver Composite Sales Vs. Listings
The number of homes sold vs total inventory in Greater Vancouver.
The number of total listings available for sale reached a multi-year high. There were 14,357 active listings in April, up 12.4% from the month before. This represents a massive 46.2% increase compared to the same month last year. This is the highest level of inventory for resale since October 2014. It was also the most April inventory since that year.
Greater Vancouver’s real estate market continues to see price deterioration. Inventory is rising close to historically typical levels, relieving pressure to move higher. Sales however, are falling to the lowest level in almost two decades, sending prices lower. There’s very few signs that show a near term improvement to change the direction of the trend.