Greater Vancouver real estate has dodged the sharp downturn seen in cities like Toronto, but cracks are showing. Greater Vancouver Real Estate Board (GVR) data shows prices slipped again in November, hitting a new multi-year low. Sales remain soft, but the real story is inventory—now at its highest level for November in over a decade.
Vancouver Real Estate Prices Losing Their Grip?
Greater Vancouver Real Estate: The Price of a Typical Home Across GVR.
Source: GVR; CREA; Better Dwelling.
Greater Vancouver home prices have been grinding lower, but not exactly crashing. The benchmark fell 0.3% (-$3,400) to $1,123,700 in November, down 3.9% (-$45,600) from last year and 10.8% (-$136,200) below the 2022 peak. It’s the lowest since 2023, but prices have been bouncing around this level since 2021. While substantial, it pales in comparison to cities like Toronto that have shed over 25% of their value over the same period.
Vancouver Real Estate Sales Fall, Inventory Rips To 2012 Highs
Greater Vancouver Existing Home Sales and Active Listings: November.
Source: GVR; CREA; Better Dwelling.
Greater Vancouver real estate sales suffered a setback after two steady years of progress in recovery. There were 1,846 sales through the board last month, a drop of 15.4% from last year. It’s not particularly slow for a typical November, but at nearly half (-46.2%) the peak reported in 2021, it likely feels increasingly slow to the industry.
Despite the retreat of buyers, sellers are staying the course. New listings dipped just 1.4% over the past year to 3,674 in November. That was enough to push total inventory to 15,149 active listings, up 14.4% from last year and the highest for November since 2012. Any way the data is cut, buyers have a lot more options—part of a growing wave of inventory across the country.
Vancouver home prices may be drifting, but inventory is surging into winter—ahead of the typical busy Spring. Prices have been resilient in recent years, but buyers currently hold the most leverage in negotiations seen in years.
