Metro Vancouver sees house prices edge lower for 2 straight months

Metro Vancouver sees house prices edge lower for 2 straight months

VANCOUVER — The Real Estate Board of Greater Vancouver says prices for detached homes, townhouses and condos have fallen for two consecutive months in Metro Vancouver.

The board says the benchmark price for all types of properties is currently $1,083,400 — up 4.1 per cent compared to August 2017, but down 1.9 per cent since May 2018.

Detached home prices fell 2.8 per cent since May to $1,561,000, which is also down 3.1 per cent compared to the previous August.

Attached home prices fell 0.8 per cent to $846,100 since May, but rose 7.9 per cent compared to August 2017.

Condominium prices also dropped since May by 1.6 per cent to $695,500 — up 10.3 per cent from the same time last year.

REBGV president Phil Moore says in a statement that current buyers have more listings to choose from and face less competition in the area than in recent years.

He says they’ve also been less active in recent months — with 1,929 home sales in the region last month compared to 3,043 in August 2017 — and prices are beginning to edge down as a result.

The Canadian Press

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