Vancouver ranked 88th on the overall Best Cities to Live list by MoneySense. (File photo by THE CANADIAN PRESS) (The Canadian Press)

Vancouver-area sees fastest drop in condo price per square foot: report

Montreal, Ottawa and Toronto all seeing rising prices

Prices for Metro Vancouver condos are dropping faster than in any other cities, according to a report released by Royal LePage Wednesday.

The real estate firm took a look at square-footage prices across Canada and found that all prices except Metro Vancouver rose compared to last year.

The price-per-square-foot for condos in Metro Vancouver dropped by 8.3 per cent to $764, while prices within the City of Vancouver dropped 6.3 per cent to $1,044.

In contrast, square footage prices for condos in Toronto, Montreal and and Ottawa all rose, with Ottawa seeing the biggest increase at 17.9 per cent to $395 per square foot.

Calgary was the only other major urban area studied to drop in price, hitting $313 per square foot after a 6.7 per cent drop.

The report said the median living area of a Metro Vancouver condo this year was about 854 sq. ft., leading to an average condo cost of $645,580. In the City of Vancouver, the average size was 780 sq. ft, leading to a cost of around $814,320.

Real estate advisor Adil Dinani said the price decrease is largely due to higher inventory levels that have led to “the market nearing the point of oversupply.”

“With a deceleration in Vancouver’s condo market, buyers for the first time in several years can benefit from the changing landscape,” Dinani said.

“We are also seeing a trend of buyers moving beyond the city core and closer to the transit corridor where properties are more affordable.”

READ MORE: B.C.’s skyrocketing real estate market will ‘correct’ in 2019: analyst

READ MORE: Canadian Real Estate Association reports home sales climbed higher in July

READ MORE: Greater Vancouver condo prices drop for the first time since 2014: report


@katslepian

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