A condo building is seen under construction surrounded by houses in Vancouver on March 30, 2018. (THE CANADIAN PRESS/Darryl Dyck)

Metro Vancouver home prices edge lower for 2 straight months

Benchmark price is $1,083,400 — up 4.1% compared to August 2017, but down 1.9% since May 2018

The Real Estate Board of Greater Vancouver says prices for detached homes, townhouses and condos have fallen for two consecutive months in Metro Vancouver.

The board says the benchmark price for all types of properties is currently $1,083,400 — up 4.1 per cent compared to August 2017, but down 1.9 per cent since May 2018.

Detached home prices fell 2.8 per cent since May to $1,561,000, which is also down 3.1 per cent compared to the previous August.

Attached home prices fell 0.8 per cent to $846,100 since May, but rose 7.9 per cent compared to August 2017.

Condominium prices also dropped since May by 1.6 per cent to $695,500 — up 10.3 per cent from the same time last year.

REBGV president Phil Moore says in a statement that current buyers have more listings to choose from and face less competition in the area than in recent years.

READ MORE: Two-thirds of renters want to see housing crash in Metro Vancouver, poll says

He says they’ve also been less active in recent months — with 1,929 home sales in the region last month compared to 3,043 in August 2017 — and prices are beginning to edge down as a result.

The Canadian Press

Like us on Facebook and follow us on Twitter

Just Posted

Fraser Valley Bald Eagle Festival explodes in popularity, draws thousands to Mission, Harrison Mills

Weather, news, social media contribute to high turnout, says president

Philomusica Chorus presents lively concert A Calypso Christmas

Caribbean-themed Christmas concert set for Dec. 2 in Chilliwack

Wide variety of art for sale at Art from the Heart show

Student art show runs Nov. 30 and Dec. 1 at the Chilliwack Cultural Centre

Blues group Angel Forrest Trio at Bozzini’s in Chilliwack

Award-winning band from Quebec performs Nov. 28

District of Kent to implement snow fence pilot project

$8,000 project to help prevent hazardous, drifting snow, and more from Kent council

VIDEO: E. coli outbreak linked to romaine lettuce sickens 18 people in Ontario, Quebec

The Canadian Food Inspection Agency says it’s working with U.S. authorities to determine the source of the romaine lettuce those who got ill were exposed to.

B.C. sees biggest spike in homicides across Canada, at 34%

Much of the killing was attributed to gang violence, according to Statistics Canada

Sea lion tangled in rope on Vancouver Island

Marine debris is a ‘significant problem’ for marine wildlife

Postal strike affects charities at critical fundraising time

Canadian fundraising professionals and charities join call for fast resolution

$90,000 pen from space created by B.C man

The Space pen is made from a meteorite

B.C. woman fined $2,300 for clocking 215 km/hr in Alberta

It’s the highest fine Alberta police have issued

Police renew call to ID suspect who pushed Surrey man into traffic near PNE

VPD haven’t received enough tips in the months since

5 to start your day

Police try to thwart retaliation after Hells Angels member killed, criminal investigation at B.C. legislature and more

Watchdog calls for probe into police board spending on former Victoria police chief

Police Complaint Commissioner says accountable and transparent review is in public interest

Most Read