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

Victoria Police make contact with cyclist seen clipped in dashcam video

The cyclist reached out to VicPD after the video was shared online

Fairfield plan, council motion create ‘uncertainty’ for average reader: councillor

Public hearing on Victoria neighbourhood plan delayed until September

Family to recreate Tod House photo 119 years later

Reunion features 64 descendants of 1890s Oak Bay home

Esquimalt Ribfest in need of volunteers

The three-day festival is happening from Sept. 6 to 8

VIDEO: Sparrows raise their chicks in Cadboro Bay deck planter

Jill Yoneda captured 11 days up close with tiny Junco sparrows

Greater Victoria wanted list for the week of July 16

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Former home of accused Penticton shooter vandalized

Ex-wife of man who is accused of murdering four people had her house vandalized

Survivor of near-drowning in B.C. lake viewing life through new eyes

“If I died that day, the baby wouldn’t know his dad,” said 31-year-old Mariano Santander-Melo.

‘Beyond the call’: Teen in police custody gets birthday surprise by B.C. Mountie

Unusual celebration started when Staff Sgt. Paul Vadik went to visit the teen in his Coquitlam cell

Thunderstorms forecast across B.C.

Environment Canada has issued a thunderstorm watch for B.C.’s central Interior

Driver who killed B.C. motorcyclist receives absolute discharge

Chase family speechless following decision by BC Review Board

Lower gas prices slow annual inflation rate to Bank of Canada’s 2% bull’s-eye

Prices showed strength in other areas — led by a 17.3 per cent increase in the cost of fresh vegetables

B.C. moves to preserve 54 of its biggest, oldest trees

Fir, cedar, spruce, pine, yew set aside from logging

Most Read