Vancouver detached real estate got slightly more expensive, but the rapidly decelerating price growth is what’s worth noting.
Vancouver detached real estate squeezed out another gain, but barely. Numbers from the Real Estate Board of Greater Vancouver (REBGV) show that prices increased, but growth has been tapering very quickly. Generally speaking, the market saw higher sales, and lower inventory – but with a note that makes these difficult to digest data points.
Detached Prices Are Seeing Rapidly Decelerating Growth
The price of detached real estate continued to rise, but at a much more conservative rate than it previously has been. The benchmark price of a detached home, which is your “typical” detached, rose to $1,615,100, a monthly increase of 0.16%. This represents an increase of 2.4% from the same month last year. While prices are growing, it’s worth taking note of how quickly annual growth has been decelerating.