Vancouver real estate is cooling, but not in the condo segment. Prices just printed an all-time high, even though inventory grew faster than sales.
Vancouver real estate is a lot cooler than last year, except in the condo market. Numbers from the Real Estate Board of Greater Vancouver (REBGV) show that condo prices printed a new all-time high. This climb came even though the growth in inventory is beginning to outpace the growth of sales.
Vancouver Condo Prices Print An All-Time High
The price of a condo printed a new all-time high across the REBGV. The price of a “typical” condo reached $655,400 in December, a 1.11% increase compared to the month before. That brings the 12 month increase to 25.89% higher than the same month last year. For context, the $7,200 single month increase in December is more than a month of pay for the median family. This sets a new all-time high for the benchmark price across Greater Vancouver.
Greater Vancouver Condo Sales Rise 12.34%
Condo sales are rising in Greater Vancouver. REBGV reported 1,028 condo sales in December, a 31.8% decline from the month before. Compared to the same time last year, this is a 12.34% increase. It’s important to remember that the monthly drop from November to December is a season decline, and typical. The annual increase is the important takeaway here.
Greater Vancouver Condo Inventory Is Up Over 52%
Condo listings across Greater Vancouver were up bigly. REBGV reported 919 listings in December, a 50.3% decline from the month before. This represents a 52.65% increase compared to the same month last year. Once again, the monthly decline was seasonal, and not really worth noting. The annual climb is interesting though, since it’s pretty big coming off of last year’s relative lows.
The rise in inventory should have relieved some of the upward pressure on prices, but it didn’t. Sales did rise, but inventory saw an even larger increase. Despite this, the annual percentage increase to condo prices, is only slightly below where it was last year. Vancouver condo buyers are still very much bidding prices higher, despite other segments of the market being pretty sleepy.