VANCOUVER (NEWS 1130) – Housing prices in the Vancouver area are dropping faster than any other major Canadian market, according to new numbers from Royal LePage.
While the median per-foot price of a condo in Greater Vancouver is still the highest in the country at $764, it’s still down over eight per cent since the start of the year.
In the Greater Toronto Area meanwhile, condo prices are up over nine per cent. The price gap between the two cities is now just $21 per square foot, and closing fast.
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“With a deceleration in Vancouver’s condo market, buyers for the first time in several years can benefit from the changing landscape,” says Royal LePage real estate advisor Adil Dinani in a statement.
“Higher inventory levels have resulted in the market nearing the point of oversupply and price per square foot has been decreasing considerably in this category. We are also seeing a trend of buyers moving beyond the city core and closer to the transit corridor where properties are more affordable.”
Unlike other major markets, the per-foot price for a condo in Greater Vancouver is still higher than a single-family detached home.
While housing prices may be dropping, the average price of a home in the Vancouver area is still well above the maximum purchase price allowed in the federal government’s new First-Time Home Buyer Incentive, according to the real-estate site Zoocasa.