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

WATCH: MBSS students march for climate action

Students conduct peaceful protest in conjunction with worldwide Fridays For Future movement

PHOTO: Goldsbury opens Liberal campaign office in Cranbrook

Robin Goldsbury, the Liberal Party candidate for Kootenay-Columbia, opened her campaign office… Continue reading

PHOTO: Stetski opens NDP campaign office in Cranbrook

Kootenay-Columbia NDP candidate Wayne Stetski was joined by supporters while opening his… Continue reading

Student activists, City talk climate change

Kevin Marshall, Energy Manager with the City of Cranbrook, met organizers of… Continue reading

VIDEO: Grizzly bears fight along northern B.C. highway in rare footage

Cari McGillivray posted the head-turning video, shot near Stewart, B.C., to social media

Handgun crackdown, health spending and transit plans latest campaign promises

Friday was the end of a busy week on the campaign trail

B.C. woman photographs massive ant swarm on Abbotsford driveway

She asked what the ants were doing? The answer: war

Police arrest B.C. phone scammer linked to illegal call centres in India

Person arrested in Burnaby here on a work visa, says police

Air Canada forced girl, 12, to remove hijab: civil rights group

The San Francisco Bay Area office of the Council on American-Islamic Relations calling for change

Man from Winnipeg who was hiking alone found dead in Banff National Park

RCMP say the man was hiking alone on Mount Temple Thursday

Takaya, B.C.’s intriguing lone wolf, seen eating seal and howling away on Discovery Island

Fun facts about Takaya the wolf, like his a 36-hour tour around Chatham, Discovery Islands

Resident finds loaded shotgun inside a duffle bag in Kelowna alleyway

RCMP seized a loaded 12-gauge shotgun, ammunition, clothing and other items

Graffiti, calls and Snapchat: RCMP probe string of threats targeting Kamloops schools

There have been nine different threats made to four different schools in the city

Most Read