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

Warning issued after several overdoses in Castlegar

Interior Health says the overdoses appear to be the result of cocaine contaminated with fentanyl.

Mainstreams completing planting project along Mark Creek

The project is part of their initiative to educate the community about Kimberley’s watershed

Kootenay-Columbia candidates attend Creston Valley Chamber of Commerce 2019 election forum

About 120 people attended the Creston Valley Chamber of Commerce 2019 election forum on Oct. 16 at the Prince Charles Theatre.

Green and NDP candidates talk strategic voting at Nelson public meeting

Wayne Stetski and Abra Brynne traded ideas but made no concessions for this election

Kimberley Riverside Campground will remain a campground, Mayor McCormick says

There will be terms to any sale of Bootleg Gap or Riverside

WATCH: Mobile glass blowing studio sets up shop in Kimberley

Mountain Grass Glass Gallery and The Glass House Experience team up to offer glass blowing workshops

Greta Thunberg meets with First Nations chief in Fort McMurray

Thunberg has turned her protest against climate change into a global movement

Canucks hang on for 3-2 win over Rangers in New York

Vancouver scores three times in first period

More beef products recalled due to possible E. coli contamination

The food safety watchdog has been investigating possible E. coli 0157:H7

B.C. VIEWS: How to get the best deal on your ICBC car insurance

ICBC slowly being dragged into the 21st century

Pot legalization has gone ‘well’, but ‘yellow flags’ on vaping: task force chair

Canada legalized cannabis for non-medical use on Oct. 17, 2018,

ELECTION 2019: Federal leaders hit final 24 hours of campaign

Many leaders remain in B.C. for the final hours of the campaign

Most Read