Vancouver real estate prices have been resilient, but they may have just run out of luck. Data from Greater Vancouver Realtors (GVR), formerly the REBGV, shows prices made a sharp drop in October. A market known for scarce inventory has seen a sudden influx of listings amid weak sales, pushing inventory to one of the highest levels for the month on record.
Vancouver Real Estate Prices Running Out Of Luck? Recent Slump Sends Prices Back To 2023
Greater Vancouver Real Estate Prices: Composite.
Source: GVR; CREA; Better Dwelling.
Greater Vancouver real estate prices finally got a visit from gravity, posting a sharp drop. The price of a typical home fell 0.9% (-$9,900) to $1,132,500 in October, down 3.4% (-$39,700) from last year. Prices had remained relatively sticky, but with over a quarter of the annual decline occurring in a single month, that may be shifting.
Prices are down 10.1% (-$127,400) from the record high, now at the lowest level since 2023. While the correction hasn’t dealt a major blow to valuations, there are growing signs of stagnation.
Vancouver Real Estate Sales Fall 14%, Similar To 2018 Downturn
Greater Vancouver Real Estate Sales: October.
Source: GVR; CREA; Better Dwelling.
Greater Vancouver real estate sales remain weak, erasing progress made last year. Just 2,255 homes sold in October, down 14.3% from a year ago. Despite explosive population growth, sales are barely above levels seen during the region’s 2018 downturn.
Vancouver Real Estate Inventory Hits 13-Year High, Third Biggest October On Record
Greater Vancouver Real Estate Inventory: October Active Listings.
Source: GVR; CREA; Better Dwelling.
Greater Vancouver’s weak real estate sales weren’t due to a lack of inventory last month. October saw 5,438 new listings—down just 0.3% from last year, making it the third-highest October on record, only behind 2024 and 2008.
The trend of weak demand and rising supply continues. Active listings jumped to 16,393 in October, up 13.2% from last year. It was the third-highest October on record, marking a major shift for a market long defined by scarce inventory.
Vancouver real estate typically leads national trends, but this cycle it’s lagging. Prices had been resistant to rising inventory and soft sales, as sellers attributed the slow market to financing. But after 275 basis points of cuts—one of the fastest easing cycles in recent memory—sales remain weak and inventory is climbing. Lower prices may be a sign of sellers realizing this downturn isn’t just a blip.