British Columbia

Metro Vancouver housing prices drop for 2nd straight month

Fewer buyers and more sellers means prices are dropping for detached homes, townhouse and apartments.

Law of supply and demand driving real estate prices down slightly across all housing categories

Residential home sales in Metro Vancouver in August 2018 were down 36.6 per cent versus the same period last year. (Jonathan Hayward/Canadian Press)

The cost of home ownership is down in Metro Vancouver for the second straight month as demand for housing continues to slide across the region.

According to August 2018 numbers released by the Real Estate Board of Greater Vancouver, prices across all residential housing categories — detached homes, townhouses and apartments — dropped 1.4 per cent compared to July 2018, to an average of $1,083,400.

"Home buyers have been less active in recent months and we're beginning to see prices edge down for all housing types as a result," REBGV president Phil Moore said. "Buyers today have more listings to choose from and face less competition than we've seen in our market in recent years."

At 1,929, residential home sales in August 2018 were down 36.6 per cent versus the same period last year (3,043), and down 6.8 per cent compared to July 2018 (2,070).

The number of homes for sale on the Multiple Listing Service across the region (11,824) was up 34.4 per cent over the same month last year, although down slightly from the previous month.

Additionally, between July and August of 2018:

  • In the single family detached home category, Burnaby East had the largest drop in average price, down 4.2 per cent to $1,269,200. Whistler was the only area to show an increase, rising 0.8 per cent to $1,783,200.
  • In the townhouse category, Coquitlam registered the largest drop of 2.9 per cent to an average price of $690,500, while in Tsawwassen prices were up 4.5 per cent to $793,900.
  • In the apartment category, Squamish showed the largest drop, down 4.2 per cent to an average price of $513,400 while Coquitlam was the only area where prices went up, increasing 0.7 per cent to $552,500.

Areas covered by the Real Estate Board of Greater Vancouver include Whistler, the Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge and South Delta.

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