Vancouver Real Estate Prices Slip, Just 3% Higher Than 2017 Peak

Vancouver real estate prices are diving into a second-leg correction. Greater Vancouver Realtors (GVREB) data shows home prices fell further in October. Strong inventory and weak sales are driving one of the sharpest corrections in Canada, with prices now just 3% higher than they were 9 years ago. Vancouver Home Prices Up Just 3% Since 2017 The price of a typical home across Greater Vancouver. Source: GVREB; CREA; Better Dwelling. The price of a typical home fell 0.7% (-$7.3k) to $1.07 million in October, 5.2% (-$58.5k) lower than last year. Since the 2022 peak, they’ve plunged 14.7% (-$184.2k) to the weakest level since March 2021. While prices initially resisted a Toronto-sized correction, they’ve consistently been grinding lower. As of last month, prices were just 3.1% (+$32.5k) higher than the 2017 cycle peak. That’s pretty much 9 years of stagnation. Vancouver Home Sales Fall To Correction Levels Greater Vancouver existing home sales. Source: GVREB; CREA; Better Dwelling. The demand slump continued, with the board reporting just 2,024 sales in October, 10.2% lower than last year. October sales are never high, but this scale of weakness is rare outside of market slumps. It’s a ...