Vancouver Real Estate Inventory Jumps 38%, Now At 34 Month High

Vancouver Real Estate Inventory Jumps 38%, Now At 34 Month High

Vancouver Real Estate Inventory Jumps 38% Higher, 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.

Benchmark PriceJan 2005Jun 2005Nov 2005Apr 2006Sep 2006Feb 2007Jul 2007Dec 2007May 2008Oct 2008Mar 2009Aug 2009Jan 2010Jun 2010Nov 2010Apr 2011Sep 2011Feb 2012Jul 2012Dec 2012May 2013Oct 2013Mar 2014Aug 2014Jan 2015Jun 2015Nov 2015Apr 2016Sep 2016Feb 2017Jul 2017Dec 2017May 2018$0$300,000$600,000$900,000$1,200,000Canadian Dollars
MonthBenchmark 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.

12 Month ChangeJan 2006May 2006Sep 2006Jan 2007May 2007Sep 2007Jan 2008May 2008Sep 2008Jan 2009May 2009Sep 2009Jan 2010May 2010Sep 2010Jan 2011May 2011Sep 2011Jan 2012May 2012Sep 2012Jan 2013May 2013Sep 2013Jan 2014May 2014Sep 2014Jan 2015May 2015Sep 2015Jan 2016May 2016Sep 2016Jan 2017May 2017Sep 2017Jan 2018May 2018-150153045Percent Change
Month12 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.

SalesListingsJan 2015Mar 2015May 2015Jul 2015Sep 2015Nov 2015Jan 2016Mar 2016May 2016Jul 2016Sep 2016Nov 2016Jan 2017Mar 2017May 2017Jul 2017Sep 2017Nov 2017Jan 2018Mar 2018May 201804,0008,00012,00016,000Homes
MonthSalesListings
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?

The decline in sales and increase in inventory dropped the sales-to-listings ratio (SNLR). The SNLR for all home types in Greater Vancouver is now 25%, compared to 53% the same time last year. Technically speaking, REBGV currently considers the SNLR in “seller’s market” territory. The ratio would need to drop below 20% in order to be considered a “balanced market.” This is the lowest the ratio has been since January 2017.

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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