Vancouver house prices rebounding

The Teranet-National Bank House Price Index for October has been released, which shows that Canadian house prices fell by 0.1% across the 11 major markets, with annual growth improving to 1.0%:

However, prices in Vancouver rebounded, rising by 0.2% in October to be down 6.2% since peaking in July 2018.

The Real Estate Board of Vancouver also reported a small rebound:

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $992,900. This represents a 6.4 per cent decrease from October 2018, a 1.7 per cent decrease over the past six months, and a 0.2 per cent increase compared to September 2019.

However, sales volumes have risen strongly:

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,858 in October 2019, a 45.4 per cent increase from the 1,966 sales recorded in October 2018, and a 22.5 per cent increase from the 2,333 homes sold in September 2019.

The nascent rebound in housing activity be explained by the Canadian Government unleashing a new wave of first home buyer subsidies in a bid to support prices.

Leith van Onselen
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