Metro Vancouver home values see first quarterly decline since 2013: Survey
Year-over-year values for two-storey detached houses in Greater Vancouver increased 10 per cent from the first quarter of 2016.
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Home values across Metro Vancouver saw their first quarterly decline since 2013, according to a Royal LePage house price survey released Tuesday morning.
The region’s aggregate home price (a weighted average of median home prices by property type) dropped 1.9 per cent in the first quarter of 2017.
In a statement, Randy Ryalls, general manager of Royal LePage Stirling Realty, said the Metro Vancouver foreign buyer tax and eroding affordability cooled the market, but speculated the price drop may have bottomed out.
“We are starting to see signs of a quicker-than-anticipated rebound in many regions across Greater Vancouver,” said Ryalls. “If the number of listings remains critically low during the spring market, we could very well see another round of significant price appreciation as prospective homeowners continue to snap out of a policy-induced lull and rush back into the market.”
The number of sales has decreased compared to the same time last year, the report said.
In the first three months of 2017 the median price for a two-storey home in the region dropped to $1,503,146, down from $1,604,757 in the final three months of 2016. Over the same period, the median price for a one-storey bungalow dropped to $1,360,320 from $1,386,240 while the median price for a condominium increased to $543,136, up from $529,912.
Year-over-year prices, however, saw substantial increases across all three categories. Two-storey detached homes increased 10.3 per cent when compared to the first quarter of 2016; bungalows increased 17.1 per cent and condos increased 14 per cent.
According to the survey, in the City of Vancouver, the median price of a two-storey detached home is $2,345,272; the median price of a bungalow is $1,304,675; and the median price condominium is $658,775.