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

Firefighters have doused a Peachland house fire

Fire crews are still on scene investigating the cause of the BBQ fire which made its way to the home

Okanagan-Shuswap weather: cloudy, rain expected

Environment Canada is calling for a risk of thunderstorms tonight across the Okanagan

Special memorial service to say goodbye to murdered teen

A memorial service and celebratio of life was held Tuesday for murdered teen Elijah-Iain Beauregard

Parking meters, be gone: Kelowna city staff

Council amends financial plan to quickly replace standalone meters in wake of ongoing vandalism

Wilson M. Beck Charity Golf Tournament in Kelowna benefiting YMCA of Okanagan

The tournament is sold out with 144 golfers swinging for the cause

VIDEO: Plant-based burgers may not be as healthy as they seem

Both the Impossible and Beyond Burger have more saturated fat than beef burgers

B.C. mom to go to Europe court in hopes of getting alleged abducted daughter back

Tasha Brown alleges her estranged wife abducted their daughter Kaydance Etchells in 2016

Missing South Okanagan kayaker last seen on Okanagan Lake

Penticton RCMP are asking for assistance in locating a missing kayaker

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

Part One: The opioid crisis and the B.C. Interior

A personal connection to the crisis: Recovering addicts share their story

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

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

False report of dead body leads police to sex dolls at Manning Park

Princeton RCMP breathed a sigh of relief, momentarily, when they discovered a… Continue reading

Ironman returns to Okanagan after seven-year absence

Subaru Ironman Canada is coming back to Penticton in 2020

Grand Forks fire chief found to have bullied, harassed volunteer firefighter: report

WorkSafeBC, third-party human resources investigation looking into allegations complete

Most Read