Yahoo Finance Vancouver home prices fall
Detached home prices in most of Vancouver have fallen.
The damage is a result of a perfect storm of a foreign buyers’ tax, mortgage stress test, and tumbling sales.
Zoocasa crunched the numbers and found prices for single-family detached homes and apartments fell year-over-year in all but one of the 21 areas in the region.
Penelope Graham, Managing Editor of Zoocasa, says the highest priced pockets were hit the hardest. The average price for a detached home in West Vancouver fell 15.4 per cent to $2,622,800 — a difference of $477,436. Vancouver West fell 14.1 per cent to $3,049,700 — a difference of $500,000.
The average price for a detached home in Richmond, North Vancouver, and Burnaby North fell nearly 10 per cent.
Bowen Island was the only area that was unscathed.
“It was a more positive year, however, for owners of detached properties off the mainland – Bowen Island was the only market that saw appreciation, up 3 per cent year-over-year to an average of $969,500, an equity increase of $28,238,” says Graham in the report.
Condo prices more resilient
Condo prices went up in half of the areas Zoocasa looked at.
The average price in Tsawwassen rose the most (8 per cent), followed by Ladner (7.4 per cent) and North Delta (4.3 per cent).
The damage was less severe in areas where condo prices fell.
“Again, it was luxury units that experienced the greatest decline in value, falling an average of $70,774 in West Vancouver to $1,108,800 (-6 per cent), $30,996 to $743,900 in Burnaby East (-4 per cent), and down $29,256 in Vancouver West to $783,400 (-3.6 per cent),” says Graham.
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