Vancouver condo prices dipped for the first time since 2014. (File photo by THE CANADIAN PRESS)

Greater Vancouver condo prices drop for the first time since 2014: report

Royal LePage says slowdown in Lower Mainland housing market set to continue

Condo prices in Vancouver have dipped for the first time since 2014, a report by real estate firm Royal LePage suggests.

In Wednesday’s report showed that prices for condos in the region dropped to $668,389, a 2.8 per cent dip since this time last year.

The report said government intervention, like the vacant homes tax and the mortgage stress test, was affecting prices in B.C.

Overall home prices in Greater Vancouver slipped for the second quarter on a ear-over-year basis. Aggregate prices falling 4.1 per cent in the second quarter to $1,208,674.

The slump has spread to other cities within the Lower Mainland as prices in Surrey, Langley and Richmond falling 3.2 per cent, 4.4 per cent, and 4.1 per cent, respectively.

Properties in the wealthier parts of the region, like West Vancouver, North Vancouver and Vancouver itself also slipped in value, dropping 7.6 per cent, 4.2 per cent, and 4.7 per cent year-over-year, respectively.

“The slowdown that initially began in the Lower mainland’s most expensive trading areas, Vancouver and the region’s North Shore, has moved to the relatively affordable suburbs, as the policy-driven housing downturn nears the three-year mark,” said Royal LePage CEO Phil Soper.

“Home price trends lag behind changes in home sales activity. With one of the strongest economies in the country, I would expect the recovery in sales volumes to begin this fall, with a slow recovery in home prices to follow. Other regions in the province such as Kelowna and Victoria have held up reasonably well so far.”

Although cities like Montreal and Toronto are expected to see an increase in home prices, leading to a modest national uptick of 0.4 per cent compared to this time last year, those trends won’t be replicated in Greater Vancouver.

The real estate firm said weakness in that market is expected to continue, with home prices slipping by 5.5. per cent compared to end of year 2018.

READ MORE: B.C.’s skyrocketing real estate market will ‘correct’ in 2019: analyst

READ MORE: Metro Vancouver’s benchmark home price dips below $1M in June


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

CN train derailment cleared between Terrace and Prince Rupert

The CN mainline is now open, following a train derailment mid-way between… Continue reading

Kitimat’s BC Hydro substation receives a massive upgrade

It will cost $82 million to ensure that LNG Canada has enough… Continue reading

Comment requested for Kitimat LNG’s expansion plans

Company says radical redesign means additional export is possible

Haisla Nation Council appoints Stewart, Renwick

Two recently elected Haisla Nation councillors, Kevin Stewart and Arthur Renwick, have… Continue reading

Relief in sight from open burn pollution

New regulations should cut down on air pollution

Rich the Vegan scoots across Canada for the animals

Rich Adams is riding his push scooter across Canada to bring awareness to the dog meat trade in Asia

Vancouver Island teens missing after vehicle found ablaze near Dease Lake, BC

RCMP say a body discovered nearby not one of the missing teens

A year later, ceremony commemorates victims of the Danforth shooting

It’s the one-year anniversary of when a man opened fire along the bustling street before shooting and killing himself

Japanese Canadians call on B.C. to go beyond mere apology for historic racism

The federal government apologized in 1988 for its racism against ‘enemy aliens’

B.C. VIEWS: NDP pushes ahead with Crown forest redistribution

This isn’t the time for a radical Indigenous rights agenda

Two dead in two-vehicle crash between Revelstoke and Golden

RCMP are investigating the cause of the crash

Ottawa fights planned class action against RCMP for bullying, intimidation

The current case is more general, applying to employees, including men, who worked for the RCMP

Alberta judge denies B.C.’s bid to block ‘Turn Off the Taps’ bill

He said the proper venue for the disagreement is Federal Court

Most Read