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Vancouver House Price Slide Eases Sequentially

CANADA DATA
  • Vancouver home sales fell -55% Y/Y in January or -43% below the 10-year average for January sales.
  • Annual house price declines accelerated further from December’s -3.3% to -6.6% Y/Y although the sequential pace eased from -1.5% M/M in Dec to -0.3% M/M.
  • That monthly moderation was despite the sales-to-active listings ratio falling from 17.5% to 13.7%, closer to the 12% level that in typical markets can see downward pressure on home prices rather than the >20% that typically supports upward pressure.
  • REBGV’s Lis: In monthly terms “what we are seeing today is that prices may have found a footing, even if it’s an awkward one sandwiched between low inventory and higher borrowing costs.”
  • This suggests further downward momentum is likely on a national basis (-7.5% Y/Y in existing home sales data back in December) but offers tentative hope of a stabilisation in monthly prices.
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