Vancouver Home Prices Hit A 5-Year Low As Buyers Pull Back

Greater Vancouver didn’t see the housing correction Toronto did, but it’s unclear if that was just a delay. Greater Vancouver REALTORS (GVREB) data shows sales fell in September. Combined with elevated inventory, weaker sales pushed prices to a 5-year low. Greater Vancouver Home Prices Fall To A 5-Year Low The price of a typical home across Greater Vancouver (composite benchmark). Source: GVREB; CREA; Better Dwelling. The price of a typical home across Greater Vancouver fell 0.6% (-$6.0k) to $1.08 million in September, 5.5% (-$62.4k) lower than last year. Since peaking in 2022, prices have dropped 14.1% (-$176.9k) and sit at the lowest level since March 2021. Greater Vancouver Home Sales Fall To Multi-Year Low, Inventory Remains Lofty Greater Vancouver composite home sales vs active listings in September. Source: GVREB; CREA; Better Dwelling. The region saw 1,720 existing homes sold through the MLS in September, 8.2% (-158) lower than last year. The drop marked the weakest September since 2022, which doesn’t seem that bad. However, a quick peek at historical data and it’s clear the past few years were unusually slow for Vancouver. September sales volumes this low were generally ass...