Vancouver Real Estate Inventory Jumps 38%, Now At 34 Month High
There’s no signs that anti-speculation measures have lowered prices yet, although buyer demand dropped off of a cliff. Real Estate Board of Greater Vancouver (REBGV) numbers show prices were higher in May. The price climb wasn’t due to a lack of inventory though. Sales are well below normal, and inventory is soaring to multi-year highs.
Greater Vancouver Real Estate Prices Rise 12.5%
The benchmark price of a “typical” home in Greater Vancouver saw a small bump higher. REBGV reported a benchmark of $1,094,000 in May, up 0.2% from the month before. That brings the 12 month change to 11.5% higher from the month before. All regions across REBGV saw prices remain higher than last year, with Vancouver West having to lowest composite gains. There, the benchmark rose 0.3%, which puts it on target for negative gains in real terms.
Greater Vancouver Composite Benchmark Price
The price of a typical home across Greater Vancouver, in Canadian dollars.
| Month | Benchmark Price |
|---|---|
| Jan 2005 | 382,500 |
| Feb 2005 | 384,800 |
| Mar 2005 | 387,100 |
| Apr 2005 | 389,000 |
| May 2005 | 394,700 |
| Jun 2005 | 400,500 |
| Jul 2005 | 406,200 |
| Aug 2005 | 411,200 |
| Sep 2005 | 418,100 |
| Oct 2005 | 420,800 |
| Nov 2005 | 423,800 |
| Dec 2005 | 427,300 |
| Jan 2006 | 435,300 |
| Feb 2006 | 444,500 |
| Mar 2006 | 452,500 |
| Apr 2006 | 462,100 |
| May 2006 | 471,600 |
| Jun 2006 | 479,300 |
| Jul 2006 | 483,100 |
| Aug 2006 | 486,900 |
| Sep 2006 | 490,400 |
| Oct 2006 | 490,700 |
| Nov 2006 | 491,100 |
| Dec 2006 | 490,400 |
| Jan 2007 | 497,300 |
| Feb 2007 | 502,600 |
| Mar 2007 | 508,000 |
| Apr 2007 | 515,600 |
| May 2007 | 522,900 |
| Jun 2007 | 529,800 |
| Jul 2007 | 534,400 |
| Aug 2007 | 539,300 |
| Sep 2007 | 543,500 |
| Oct 2007 | 546,200 |
| Nov 2007 | 548,900 |
| Dec 2007 | 550,800 |
| Jan 2008 | 555,400 |
| Feb 2008 | 561,500 |
| Mar 2008 | 566,500 |
| Apr 2008 | 568,800 |
| May 2008 | 569,900 |
| Jun 2008 | 571,800 |
| Jul 2008 | 562,300 |
| Aug 2008 | 555,800 |
| Sep 2008 | 548,500 |
| Oct 2008 | 533,600 |
| Nov 2008 | 518,700 |
| Dec 2008 | 504,100 |
| Jan 2009 | 501,100 |
| Feb 2009 | 497,300 |
| Mar 2009 | 493,800 |
| Apr 2009 | 500,300 |
| May 2009 | 507,200 |
| Jun 2009 | 514,500 |
| Jul 2009 | 523,300 |
| Aug 2009 | 532,100 |
| Sep 2009 | 541,600 |
| Oct 2009 | 546,200 |
| Nov 2009 | 553,500 |
| Dec 2009 | 559,600 |
| Jan 2010 | 565,700 |
| Feb 2010 | 572,200 |
| Mar 2010 | 578,300 |
| Apr 2010 | 582,900 |
| May 2010 | 582,200 |
| Jun 2010 | 579,500 |
| Jul 2010 | 574,100 |
| Aug 2010 | 571,100 |
| Sep 2010 | 568,800 |
| Oct 2010 | 567,600 |
| Nov 2010 | 568,800 |
| Dec 2010 | 568,400 |
| Jan 2011 | 574,100 |
| Feb 2011 | 579,900 |
| Mar 2011 | 590,600 |
| Apr 2011 | 603,200 |
| May 2011 | 609,300 |
| Jun 2011 | 613,900 |
| Jul 2011 | 616,200 |
| Aug 2011 | 616,600 |
| Sep 2011 | 615,100 |
| Oct 2011 | 612,800 |
| Nov 2011 | 610,900 |
| Dec 2011 | 608,200 |
| Jan 2012 | 608,600 |
| Feb 2012 | 615,100 |
| Mar 2012 | 621,900 |
| Apr 2012 | 626,500 |
| May 2012 | 629,200 |
| Jun 2012 | 624,200 |
| Jul 2012 | 619,700 |
| Aug 2012 | 613,100 |
| Sep 2012 | 609,700 |
| Oct 2012 | 607,000 |
| Nov 2012 | 602,100 |
| Dec 2012 | 596,300 |
| Jan 2013 | 593,600 |
| Feb 2013 | 595,900 |
| Mar 2013 | 598,600 |
| Apr 2013 | 603,200 |
| May 2013 | 603,200 |
| Jun 2013 | 606,600 |
| Jul 2013 | 607,000 |
| Aug 2013 | 606,600 |
| Sep 2013 | 607,000 |
| Oct 2013 | 606,600 |
| Nov 2013 | 609,300 |
| Dec 2013 | 608,900 |
| Jan 2014 | 612,800 |
| Feb 2014 | 615,800 |
| Mar 2014 | 621,900 |
| Apr 2014 | 625,400 |
| May 2014 | 631,100 |
| Jun 2014 | 634,600 |
| Jul 2014 | 635,000 |
| Aug 2014 | 637,200 |
| Sep 2014 | 639,200 |
| Oct 2014 | 643,000 |
| Nov 2014 | 643,400 |
| Dec 2014 | 644,900 |
| Jan 2015 | 648,000 |
| Feb 2015 | 656,400 |
| Mar 2015 | 667,800 |
| Apr 2015 | 679,700 |
| May 2015 | 691,600 |
| Jun 2015 | 700,700 |
| Jul 2015 | 707,600 |
| Aug 2015 | 715,700 |
| Sep 2015 | 729,000 |
| Oct 2015 | 741,700 |
| Nov 2015 | 758,100 |
| Dec 2015 | 767,300 |
| Jan 2016 | 782,200 |
| Feb 2016 | 805,200 |
| Mar 2016 | 827,000 |
| Apr 2016 | 856,000 |
| May 2016 | 898,500 |
| Jun 2016 | 925,700 |
| Jul 2016 | 937,900 |
| Aug 2016 | 941,000 |
| Sep 2016 | 935,200 |
| Oct 2016 | 927,600 |
| Nov 2016 | 918,000 |
| Dec 2016 | 906,500 |
| Jan 2017 | 905,800 |
| Feb 2017 | 916,900 |
| Mar 2017 | 933,300 |
| Apr 2017 | 955,500 |
| May 2017 | 981,100 |
| Jun 2017 | 998,700 |
| Jul 2017 | 1,019,400 |
| Aug 2017 | 1,029,700 |
| Sep 2017 | 1,037,300 |
| Oct 2017 | 1,042,300 |
| Nov 2017 | 1,046,900 |
| Dec 2017 | 1,050,300 |
| Jan 2018 | 1,056,500 |
| Feb 2018 | 1,071,800 |
| Mar 2018 | 1,084,000 |
| Apr 2018 | 1,092,000 |
| May 2018 | 1,094,000 |
Source: REBGV, Better Dwelling.
Annual price growth is actually higher this year than last. The 11.5% gain reported from REBGV in May 2018, is substantially higher than the 9.19% seen during the same month last year. Those taxes are really harming homeowner equity. \s
Greater Vancouver Composite Benchmark Price Change
The annual percent change of a typical home across Greater Vancouver.
| Month | 12 Month Change |
|---|---|
| Jan 2006 | 13.8 |
| Feb 2006 | 15.51 |
| Mar 2006 | 16.89 |
| Apr 2006 | 18.79 |
| May 2006 | 19.48 |
| Jun 2006 | 19.68 |
| Jul 2006 | 18.93 |
| Aug 2006 | 18.41 |
| Sep 2006 | 17.29 |
| Oct 2006 | 16.61 |
| Nov 2006 | 15.88 |
| Dec 2006 | 14.77 |
| Jan 2007 | 14.24 |
| Feb 2007 | 13.07 |
| Mar 2007 | 12.27 |
| Apr 2007 | 11.58 |
| May 2007 | 10.88 |
| Jun 2007 | 10.54 |
| Jul 2007 | 10.62 |
| Aug 2007 | 10.76 |
| Sep 2007 | 10.83 |
| Oct 2007 | 11.31 |
| Nov 2007 | 11.77 |
| Dec 2007 | 12.32 |
| Jan 2008 | 11.68 |
| Feb 2008 | 11.72 |
| Mar 2008 | 11.52 |
| Apr 2008 | 10.32 |
| May 2008 | 8.99 |
| Jun 2008 | 7.93 |
| Jul 2008 | 5.22 |
| Aug 2008 | 3.06 |
| Sep 2008 | 0.92 |
| Oct 2008 | -2.31 |
| Nov 2008 | -5.5 |
| Dec 2008 | -8.48 |
| Jan 2009 | -9.78 |
| Feb 2009 | -11.43 |
| Mar 2009 | -12.83 |
| Apr 2009 | -12.04 |
| May 2009 | -11 |
| Jun 2009 | -10.02 |
| Jul 2009 | -6.94 |
| Aug 2009 | -4.26 |
| Sep 2009 | -1.26 |
| Oct 2009 | 2.36 |
| Nov 2009 | 6.71 |
| Dec 2009 | 11.01 |
| Jan 2010 | 12.89 |
| Feb 2010 | 15.06 |
| Mar 2010 | 17.11 |
| Apr 2010 | 16.51 |
| May 2010 | 14.79 |
| Jun 2010 | 12.63 |
| Jul 2010 | 9.71 |
| Aug 2010 | 7.33 |
| Sep 2010 | 5.02 |
| Oct 2010 | 3.92 |
| Nov 2010 | 2.76 |
| Dec 2010 | 1.57 |
| Jan 2011 | 1.48 |
| Feb 2011 | 1.35 |
| Mar 2011 | 2.13 |
| Apr 2011 | 3.48 |
| May 2011 | 4.65 |
| Jun 2011 | 5.94 |
| Jul 2011 | 7.33 |
| Aug 2011 | 7.97 |
| Sep 2011 | 8.14 |
| Oct 2011 | 7.96 |
| Nov 2011 | 7.4 |
| Dec 2011 | 7 |
| Jan 2012 | 6.01 |
| Feb 2012 | 6.07 |
| Mar 2012 | 5.3 |
| Apr 2012 | 3.86 |
| May 2012 | 3.27 |
| Jun 2012 | 1.68 |
| Jul 2012 | 0.57 |
| Aug 2012 | -0.57 |
| Sep 2012 | -0.88 |
| Oct 2012 | -0.95 |
| Nov 2012 | -1.44 |
| Dec 2012 | -1.96 |
| Jan 2013 | -2.46 |
| Feb 2013 | -3.12 |
| Mar 2013 | -3.75 |
| Apr 2013 | -3.72 |
| May 2013 | -4.13 |
| Jun 2013 | -2.82 |
| Jul 2013 | -2.05 |
| Aug 2013 | -1.06 |
| Sep 2013 | -0.44 |
| Oct 2013 | -0.07 |
| Nov 2013 | 1.2 |
| Dec 2013 | 2.11 |
| Jan 2014 | 3.23 |
| Feb 2014 | 3.34 |
| Mar 2014 | 3.89 |
| Apr 2014 | 3.68 |
| May 2014 | 4.63 |
| Jun 2014 | 4.62 |
| Jul 2014 | 4.61 |
| Aug 2014 | 5.04 |
| Sep 2014 | 5.3 |
| Oct 2014 | 6 |
| Nov 2014 | 5.6 |
| Dec 2014 | 5.91 |
| Jan 2015 | 5.74 |
| Feb 2015 | 6.59 |
| Mar 2015 | 7.38 |
| Apr 2015 | 8.68 |
| May 2015 | 9.59 |
| Jun 2015 | 10.42 |
| Jul 2015 | 11.43 |
| Aug 2015 | 12.32 |
| Sep 2015 | 14.05 |
| Oct 2015 | 15.35 |
| Nov 2015 | 17.83 |
| Dec 2015 | 18.98 |
| Jan 2016 | 20.71 |
| Feb 2016 | 22.67 |
| Mar 2016 | 23.84 |
| Apr 2016 | 25.94 |
| May 2016 | 29.92 |
| Jun 2016 | 32.11 |
| Jul 2016 | 32.55 |
| Aug 2016 | 31.48 |
| Sep 2016 | 28.29 |
| Oct 2016 | 25.06 |
| Nov 2016 | 21.09 |
| Dec 2016 | 18.14 |
| Jan 2017 | 15.8 |
| Feb 2017 | 13.87 |
| Mar 2017 | 12.85 |
| Apr 2017 | 11.62 |
| May 2017 | 9.19 |
| Jun 2017 | 7.89 |
| Jul 2017 | 8.69 |
| Aug 2017 | 9.43 |
| Sep 2017 | 10.92 |
| Oct 2017 | 12.37 |
| Nov 2017 | 14.04 |
| Dec 2017 | 15.86 |
| Jan 2018 | 16.64 |
| Feb 2018 | 16.89 |
| Mar 2018 | 16.15 |
| Apr 2018 | 14.29 |
| May 2018 | 11.51 |
Source: REBGV, Better Dwelling.
Greater Vancouver Real Estate Sales Are Down 35%
Residential real estate sales continue to decline across the region. REBGV reported 2,833 sales in May, a 9.8% increase from the month before. This represents a 35.1% decline year over year. The monthly increase is seasonally normal, but the annual decline is not. Sales for May are 19.3% below the 10-year sales average.
Greater Vancouver Composite Sales Vs. Listings
The number of homes sold vs total inventory in Greater Vancouver.
| Month | Sales | Listings |
|---|---|---|
| Jan 2015 | 1,913 | 10,811 |
| Feb 2015 | 3,061 | 11,898 |
| Mar 2015 | 4,060 | 12,376 |
| Apr 2015 | 4,179 | 12,436 |
| May 2015 | 4,056 | 12,336 |
| Jun 2015 | 4,375 | 12,181 |
| Jul 2015 | 3,978 | 11,505 |
| Aug 2015 | 3,362 | 10,897 |
| Sep 2015 | 3,345 | 10,805 |
| Oct 2015 | 3,646 | 9,569 |
| Nov 2015 | 3,524 | 8,096 |
| Dec 2015 | 2,827 | 6,024 |
| Jan 2016 | 2,519 | 6,635 |
| Feb 2016 | 4,172 | 7,299 |
| Mar 2016 | 5,173 | 7,358 |
| Apr 2016 | 4,781 | 7,550 |
| May 2016 | 4,769 | 7,726 |
| Jun 2016 | 4,400 | 7,812 |
| Jul 2016 | 3,226 | 8,351 |
| Aug 2016 | 2,489 | 8,506 |
| Sep 2016 | 2,253 | 9,354 |
| Oct 2016 | 2,233 | 9,143 |
| Nov 2016 | 2,214 | 8,385 |
| Dec 2016 | 1,714 | 6,345 |
| Jan 2017 | 1,523 | 7,238 |
| Feb 2017 | 2,425 | 7,594 |
| Mar 2017 | 3,579 | 7,586 |
| Apr 2017 | 3,553 | 7,813 |
| May 2017 | 4,364 | 8,168 |
| Jun 2017 | 3,893 | 8,515 |
| Jul 2017 | 2,960 | 9,194 |
| Aug 2017 | 3,043 | 8,807 |
| Sep 2017 | 2,821 | 9,466 |
| Oct 2017 | 3,022 | 9,137 |
| Nov 2017 | 2,795 | 8,747 |
| Dec 2017 | 2,016 | 6,958 |
| Jan 2018 | 1,818 | 6,947 |
| Feb 2018 | 2,207 | 7,822 |
| Mar 2018 | 2,517 | 8,380 |
| Apr 2018 | 2,579 | 9,822 |
| May 2018 | 2,833 | 11,292 |
Source: REBGV, Better Dwelling.
Greater Vancouver Real Estate Inventory Rises 38%
Sales are dropping, but it’s not due to a lack of inventory. REBGV reported new listings reached 6,375 in May, a 9.5% increase from the month before. This represents a 5.5% increase compared to last year. Once again, the month over month increase is normal, the annual – not so much.
New listings rising while sales falling is leading to higher total inventory. REBGV reported 11,292 listing for sale in May, a 15% increase from the month before. This represents a massive 38.2% increase compared to the year before. Maybe inventory isn’t the issue?
REBGV’s benchmark rising at a faster pace than last year, doesn’t really make sense. Sales are down significantly, and inventory is rising even faster. Despite this, the buyers that are showing up are still paying more.
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