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

Surrey man who dropped brick of cocaine in front of cops loses court appeal

Amanpreet Singh Gill, 33, was sentenced to two years less a day

‘What we’re seeing is a different kind of overdose happening’ in Lower Mainland

Fraser Health says benzodiazepine doesn’t respond to naloxone as it is not an opioid

FOCUS: Federal election campaign heating up in Surrey

Lazy days of summer interrupted by knocks on residents’ doors by incumbents, would-be MPs in pursuit of votes

VIDEO: White Rock’s Totem Park renaming motion to be reconsidered

1999 commemorative ceremony video shows ‘historic’ apology from RCMP to First Nations

South Surrey girl aims to make waves for ocean change, one ripple at a time

‘I know I can make a difference,’ says Shelby Hack

VIDEO: Bloodhounds join the search for missing Chilliwack woman with dementia

Petsearchers Canada arrive in town Monday afternoon to help out

Anglican Church to review governance structure after same-sex marriage change fails

Some say the current system to change doctrine gives too much voting power to a smaller class of bishops

B.C. adding fast-charge stations for electric highway trips

Okanagan, Vancouver Island, Kootenay stations ready for use

Worried about bats? Here’s what to do if you come across one in B.C.

Bat expert with the BC Community Bat Program urges caution around the small creatures

B.C. on right road with tougher ride-hailing driver rules, says expert

The provincial government is holding firm that ride-hailing drivers have a Class 4 licence

B.C. Ferries cancels two sailings Monday due to mechanical issues

Tsawwassen to Swartz Bay run affected in order to repair Queen of New Westminster

RCMP investigating alleged ‘sexual misconduct’ by cyclist on BCIT campus

BCIT said they were reviewing video evidence of the incident

New home cost dips in B.C.’s large urban centres

Victoria, Kelowna, Vancouver prices decline from last year

Graphic suicide scene edited out of ‘13 Reasons Why’ finale

Suicide prevention groups support the decision

Most Read