Above is the price of a typical detached home across the Greater Vancouver Real Estate Board, in Canadian dollars.
If you currently are looking for detached real estate in Greater Vancouver, you can always expect to find a lot more inventory. Real Estate Board of Greater Vancouver (REBGV) numbers show detached listings reached a multi-year high for January. The inventory increase accompanied a multi-year low for sales, dropping prices to a 33 month low.
Greater Vancouver Detached Prices Fall To Multi-Year Low
The price of a typical detached home is falling across Greater Vancouver. REBGV reported a benchmark of $1,543,400 in January, down $25,600 or 1.7% from the month before. This is representing a decline of 9.1% when compared to the same month last year. Inside of the city, Vancouver East fell to $1,428,700, 8.6% lower than last year. Vancouver West prices fell to $3,049,700, down 14.1% from last year. The REBGV detached benchmark has rolled back to the lowest level since April 2016.
Greater Vancouver Detached Benchmark Percent Change
The 12 month percent change of a typical detached home across the Greater Vancouver Real Estate Board.
Greater Vancouver Detached Sales Were The Worst Since 2009
Detached real estate sales have fallen to a multi-year low across the board. REBGV reported 339 sales in January, a 2.3% decline from the month before. This represents a 30.4% decline compared to last year. The monthly decline is typical for this time of year, but the annual decline is another story. This is the fewest detached sales for a January since 2009. Recession level sales in a non-recessionary environment should be a concern.
Greater Vancouver Detached Sales Vs. New Listings
The total number of detached sales, compared to the number of new detached listings per month.
Greater Vancouver Detached Real Estate Listings Hit 5 Year High
Currently new listing for detached real estate are more popular in Greater Vancouver. REBGV reported a total of 1,843 new listings in January, which is an increase of 243% from the month before. This represents a 10.55% increase compared to one year before. A month-over-month increase is seasonal, but this was nearly twice as much as last year.
More listings and fewer sales left inventory levels at a multi-year high. There were 4,974 active listings for detached homes in January, up 1.48% from the month before. These statistics represent an increase of 4.12% compared to the same month last year. Active listings are the highest observed since January 2014.
The shift in detached demand could lead to an even further decline in prices. The sales to active listings ratio (SALR) fell to 6.8, which is a 33% decline from last year. When the SALR is above 20, the market is a seller’s market, and higher prices are expected. When it falls below 12, the market is a buyer’s market, and lower price are expected. Between 12 and 20 is when the market is considered balanced, and prices are just right. Currently we’re in a buyer’s market, and the SALR is the lowest for a January since 2009. This means that now is the perfect time to buy.
With more inventory, fewer sales, and the lowest prices we’ve seen in over two years. Good luck trying to spin this report as a positive, unless you’re a buyer. Even then, it’s going to be tough to pull the trigger unless some of these metrics firm up.
Also if you are thinking on buying or selling your properties, please contact Matt Gul, He will always be ready for you and can settle a private appointment at any time. He is a top luxury real estate agent situated in West Vancouver, who can help you with all of your needs. To contact Matt Gul please call him at 778.888.8888 or email him at matt@mattgul.com. You can follow him on instagram at @mattgul.778.888.8888.
Source: https://betterdwelling.com/city/vancouver/greater-vancouver-detached-real-estate-prices-fall-to-33-month-low/
Summarized by: Onur Gul