Slow Sales and Abundant Inventory Push Down Vancouver Home Prices
“Home prices have edged down between 3% and 5%, depending on housing type, in our region since June . . . this is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year” – REBGV president.
Detached home prices have dropped 5.1% compared with a year ago and dipped 3.9% compared with a few months ago.
Condos are up 5.8% compared with a year ago but are down 3.1% compared with a few months ago.
Townhomes rose 4.4% compared with a year ago but have slipped 2.8% compared with a few months ago.
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BUYERS’ BEST BETS – Top Buyers’ Markets last month were:
- West Vancouver & Richmond Detached at 7% sales ratio (7 in 100 homes selling)
- Tsawwssen Detached at 8% sales ratio
- Burnaby, Coquitlam & Westside Detached at 9% sales ratio
SELLERS’ BEST BETS – Top Sellers’ Markets last month were:
- Pitt Meadows Attached at 34% sales ratio (3.4 in 10 homes selling)
- Pitt Meadows Detached at 33% sales ratio
- Port Coquitlam Attached at 32% sales ratio
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