Thinking of selling detached Vancouver real estate? It might be a little rough right now. Real Estate Board of Greater Vancouver (REBGV) numbers show sales fell in October. The decline in sales helped to push inventory levels higher, and prices lower.
Greater Vancouver Detached Real Estate Prices Fall Over 5%
The price of a detached home across Greater Vancouver is getting cheaper. REBGV reported the price of a typical home fell to $1,524,000 in October, down 1.1% from the month before. Prices are now 5.1% lower than they were last year. The city saw even greater declines, with Vancouver East down 5.5%, and Vancouver West down 9.9% from last year.
Detached price movements are getting worse. This is the 8th month we’ve seen prices growth decelate, and the 5.1% decline is the largest we’ve seen since June 2013. Nearly 3.9% of the declines for detached prices were over just the past 3 months. We haven’t seen the benchmark fall much more than this outside of a recession.
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Greater Vancouver Detached Real Estate Sales Fall Over 32%
Sales of detached real estate are still falling across Greater Vancouver. REBGV reported 634 sales in October, up 26.3% from the month before. Compared to the same month last year however, sales are down 32.11%. The monthly gain is seasonally appropriate, the annual decline is not. The decline in sales is really helping to push inventory levels higher.