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Metro Vancouver real estate market continues to cool

Last Updated Jul 14, 2019 at 3:26 pm PDT

A real estate sign is pictured in Vancouver, B.C., Tuesday, June, 12, 2018. THE CANADIAN PRESS Jonathan Hayward
Summary

There are 25 per cent more homes on the market than there were this time last year

Prices have gone down in the region for the second straight quarter

Condo prices have dropped for the first time since 2014

VANCOUVER (NEWS 1130) — For the first time in a decade home buyers in Metro Vancouver are in the driver’s seat, according to a local expert.

Real Estate Advisor Adil Dinani says that 25 per cent more homes are on the market than they were at this time last year, giving buyers more options.

“For the first time in several years buyers have the opportunity to take their time, make an informed decision and do the due diligence process without being rushed,” he says.

Although the cool down started at the high end of the market Dinani says sales of townhomes, condos and detached homes are “robust.”

“When sellers price their homes reflective of the new market that we’re in today we’re actually seeing sales,” he says.

Data from the latest Housing Price Survey from Royal LePage shows condo prices have dropped for the first time since 2014.

It also reveals an overall decline in housing prices in the region for the second straight quarter.

“The slowdown that initially began in the British Columbia lower mainland’s most expensive trading areas, Vancouver and the region’s North Shore, has moved to the relatively affordable suburbs, as the policy-driven housing downturn nears the three-year mark,” says Phil Soper, president and CEO of Royal LePage in a release.