The detached housing market dropped while condos saw healthy growth
The fast-paced Vancouver real estate market appears to have come to a screeching halt. The seller’s market saw home prices rise rapidly, leaving first-time homebuyers pulling their hair in many instances. The latest report by Toronto-based Zoocasa, however, suggests the detached market is beginning to plunge in all but one area.
Some neighbourhoods fared far worse than others. The report saw Vancouver West drop an average of $500,591, while West Vancouver dropped by $477,436. These represent a decrease of 14.1 and 15.1 percent, respectively.
Bowen Island, on the other hand, is in the report’s good graces. The municipality experienced a 3-percent increase in prices, adding up to a $28,238 difference. Pitt Meadows and North Surrey didn’t do too badly either, with decreases of 1 percent or less.
“The Vancouver real estate market has been walloped in recent months—a combination of the federal mortgage stress test, foreign buyers’ and speculation taxes, and price fatigue have led to a deep decline in sales, the effect of which is starting to filter down into benchmark home prices,” said Zoocasa managing editor Penelope Graham in a release.
Homebuyers looking for smaller properties, however, may be shelling out a bit more. The report shows half of the 21 markets in the Lower Mainland saw increases in condo prices. While luxury units in West Vancouver, Burnaby East and Vancouver West declined in price, properties in Tsawwassen championed the gains, experiencing an 8-percent increase totalling $36,852 in value added. Ladner and North Delta also achieved impressive gains of 7.4 percent and 4.3 percent, respectively.