Vancouver detached house

Vancouver Real Estate Detached Market Report June 2017

Steve Saretsky -

Detached Market Continues to Stabilize, Inventory Up 9%

The detached market appears to have begun it’s seasonal downturn. This comes after a relatively decent spring season where sales returned to more normal levels. In case you missed the May 2017 numbers, you can check those out here. Let’s analyze the June numbers below.

Detached Sales

REBGV detached sales fell 14% year over year in June. Although it’s still a pretty substantial drop, you’ll notice it’s not nearly as steep as the 50% declines we were seeing back in the winter of 2016. However, the detached market really began to cool in the Spring of 2016, therefor the year over year sales declines from here on out should not appear very significant. REBGV detached sales were 3% below the 10 year average, which suggests a stabilization.

New Listings & Inventory

New listings are also recovering. There have been wild swings over the last 8-10 months as sellers have faced a ton of uncertainty with new housing policies. It appears to be business as usual, REBGV new listings were up 1% year over year in June, while Inventory is also up 9% overall.

Sales to Actives Ratio

REBGV- 24%
Vancouver East- 20%
Vancouver West- 15%
Richmond- 20%
Burnaby- 20%

sales/actives ratio
Sales to Actives Ratio Chart for REBGV & FVREB

All areas dropped month over month. Again signalling the end of the busy spring market.


The average sales price also turned down month over month. The REBGV Detached average sales price now sits at $1,719,453. That’s good for a 2.5% decline year over year. I believe there’s a long enough trend here to suggest prices have been flat in the detached market for quite awhile now.


There’s not much headline news for the detached market these days. Everything seems to have normalized. Sales are near the 10 year averages, inventory is recovering from a ridiculously irrational market the last few years, and new listings are climbing, now 10% above the ten year average. This is encouraging news for potential buyers, and I would expect the balancing to continue as we head into late summer/early fall.

Like this post? Get my best work sent to your inbox here.

Join the Monday Newsletter

Every Monday morning you'll receive a short and entertaining round-up of news on the Vancouver & Canadian Real Estate markets.

"*" indicates required fields

The Canadian Economy

Steve Saretsky -

Happy Monday Morning! We got a string of new data this past week confirming inflation in consumer goods, and housing are proving to be more than transitory. Canada’s consumer price index continued to drift higher with prices hitting an 18 year high, up 4.7% from last October. The recent floods in BC...

Steve Saretsky -

The calls for impending interest rate hikes continues. CIBC’s chief economist, Benjamin Tal, was out recently suggesting the Bank of Canada could hike its benchmark interest rate at least six times beginning in early 2022. “I think there is a risk of getting into the market at today’s rates,” noted Tal....

Steve Saretsky -

The BC Government announced it is looking at several cooling measures for the housing market in 2022. They have highlighted two measures. The first is an end to the blind bidding process, and the other is a mandatory “cooling off period” which will allow any buyer a 7 day recession...

Steve Saretsky -

The Bank of Canada continues to slowly drain liquidity after flooding the system with a firehose of cash during the pandemic. Bank of Canada governor Tiff Macklem announced the end of Canada’s QE program (also known as money printing). Furthermore, in Macklems words, “We expect to begin increasing our policy...

Steve Saretsky -

Consumer price inflation ripped higher in September, surging 4.4% year-over-year, the fastest pace of price increases in 18 years. Let’s discuss this further. We have an inflation problem and the Bank of Canada remains of the view that inflation will be transitory. Although they really can’t say otherwise, for if...

Get the Saretsky Report to your email every month

The Saretsky Report. December 2022