VANCOUVER HOUSING Single Family Detached, Town House and Condo HPI® Benchmark Prices with Total Residential Listings and Sales. See also the separate chart below of Vancouver MLS average housing sector prices
See also the charts comparing 10 year changes in British Columbia employment earnings and the relative values of VANCOUVER STRATA units as a percentage of single family dwellings
In December 2019, Vancouver detached house HPI prices remained beneath the weight of a brick wall of resistance below a line in the quicksand.
The FOMO crowd has exhausted itself at the high end while strata prices remain under pressure since the B.C. "Home Partnership" of Feb 2017-Mar 2018 ended. See also the MLS Chart of housing sector AVERAGE PRICES (not HPI Benchmarks).
Strata unit prices were goosed by the previous 'liberal" provincial government's free cash (interest free 2nd mortgages) helicopter drop which closed its applications on March 31, 2018.
Free money sent a loud and clear signal to the speculative crowd who then pushed the HPI strata prices into new price peaks while dragging the unwitting along with them: "...survey also confirmed that domestic speculation plays a much larger role than most people previously assumed..." Better Dwelling June 2, 2017
The current NDP provincial government has replaced the old Liberal housing give-away with The HousingHub that hopes to "...develop homes for households with average incomes between $70,000-$100,000, depending on the community."
The average weekly earnings (including overtime) for all employees, seasonally adjusted in BC is over $50,000/yr. In my opinion, tax payers should not be subsidizing households who are earning over-average income. if we must be charitable we should look at the housing needs in BC of the worst off, not the people with above average incomes. If employees cannot afford housing, they will move or employers will pay them to stay.
The great 3.5 year manic buying spree from the JAN 2013 low to the JUL 2016 peak moved detached prices up 21.5% per year and are now up 86% in the last ten years.
The sales volume hit the seasonal ceiling last May and ticked up above its seasonal trough but without zest; the bulls were able to muscle their way out of "sales capitulation" but sales data continue to erode into the winter exhaustion trough.
The shrinking ability to borrow in a rising credit risk rate environment will limit the number of sales and potential buyers. (my posts: Maxed Out APR 29/19 & Two Minutes to Midnight APR 23/19)
Fear of Getting In is moving vendors to sharpen their pencils.
In June 2016, SFD HPI prices officially doubled since the April 2008 high.
Apparently credulous buyers could not say no to shorting cash in exchange for a fundamentally wasting and negative yielding asset.
If you are thinking of buying a Vancouver Condo as an Investment, see my Vancouver Condo Yield Case Study to see why the smart money is happy to sell condos, not buy them.
The Village Whisperer pulls back the curtain on Vancouver's borderline personality disorder as the VREAA aggregates the word on the street and Welcome to Scamcouver advises to look elsewhere if you’re looking for something warm, fuzzy and sugar-coated about Vancouver. My Realty Check tracks the price changes up or down in Vancouver.