Vancouver Housing Bubble Flirting with 2008

Lowest sales in 10 years and plummeting indexes and averages. The epically long-lived bubble appears to have hit a pin.

Is it the anecdotal foreign buyer that has dropped from 90% of sales in some areas to 10%. Is it the tightening of mortgage rules (i.e., no guarantees for $1,000,000 houses oh and btw, banks must verify incomes...). Is it all of the above plus the shear weight of the market falling in on itself?

Vancouver Prices from REBGV new HPI

Flirting with 2008. The inventory and sales figures are dancing with the disastrous 2008 graph lines.

Vancouver Housing Inventory 5 year History

Vancouver Sales Detached 5 year History

Year over Year price change history is noisy because of multiple HPI data revisions at REBGV, but here it is, to the best of my knowledge.

For those still hoping for the mythical soft landing, the good news is, inventory could be worse...

As always you can Track the Canada House Price Declines on a single handy page.