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

Footwork and fundamentals: minor basketball classes return to Prince Rupert

The next generation of basketball talent is getting started on the game’s keys to success

Uncertain future for KAPS location and rent as McKay housing gets redeveloped

Affordable housing units in Prince Rupert to be revitalized by BC Housing

New museum exhibit in Prince Rupert to highlight nature’s influence on technology

Travelling exhibit made possible through federal funding via Museums Assistance Program

Rampage ready for new CIHL season

Puck drops Saturday at the Jim Ciccone Civic Centre

STORY, PHOTOS & VIDEO: Brand new wrestling mats on display at Charles Hays

Team no longer has to grapple with hard surfacing and soreness thanks to generous donations

VIDEO: What does PRMS want? Climate action. When do they want it? Now.

Kids in Prince Rupert march to city hall in support of Fridays for Future, a global climate protest

Resident finds loaded shotgun inside a duffle bag in Kelowna alleyway

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

Canada continues to win at world indoor lacrosse championships in B.C.

Results of the action from day two of the 2019 World Lacrosse Men’s Indoor World Championship

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

Oak Bay father’s testimony at murder trial like plot of ‘bad low-budget movie:’ Crown

Crown alleged Andrew Berry’s ‘entire story of Christmas Day is a lie’

B.C. truck drivers to face higher fines for not using winter tire chains

As of Oct. 1, not using chains on the highway when required could net you a $598 ticket

Singh campaigns in Toronto, May in Winnipeg, as Liberal and Tory leaders pause

All parties expected to be back on the campaign trail Sunday

Possible Canadian cases of vaping illnesses being investigated: health officer

‘I think that will be really important to address the overall trend of youth vaping’

Area 51 events mostly peaceful; thousands in Nevada desert

Three more people were arrested Friday on the remote once-secret military base

Most Read