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

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

JUNE 5, 2018

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

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.

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

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.

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

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?

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

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

Greater Vancouver Real Estate Prices Rise 12.5%

Greater Vancouver Composite Benchmark Price

Greater Vancouver Composite Benchmark Price Change

Greater Vancouver Real Estate Sales Are Down 35%

Greater Vancouver Composite Sales Vs. Listings

Greater Vancouver Real Estate Inventory Rises 38%

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