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

Snowfall warning: 5-10 cm expected in Lower Mainland

The snowfall will start Tuesday and carry on into the evening, before tapering off Wednesday

Snowfall warning issued for Surrey, Langley

Environment Canada warns to ‘be on the lookout for adverse weather conditions and take necessary safety precautions’

Lost a ring? This White Rock man will find it for you

Chris Turner founded The Ring Finders, an international directory of metal detector hobbyists

PHOTOS: Family Day celebrated at Historic Stewart Farm

Youngsters participate in some old fashioned fun

Clayton’s little neighbourhood libraries are open for business

’Take a book, leave a book’ initiative aims to bring Clayton residents closer together

Mermen calendar targets ‘toxic masculinity,’ raises big money for charities

Newfoundland and Labrador Beard and Moustache Club gave a cheque for more than $202,000 to Violence Prevention NL

Payless to close 248 Canadian stores, saying it’s ‘ill-equipped’ for market

The company will begin closing stores at the end of March

Make sure measles shots up to date, Public Health Agency says

Measles causes high fever, coughing, sneezing and a widespread painful rash

Super snow moon set to rise across B.C.

It is the biggest and brightest moon of the year

‘Our entire municipality is heartbroken’: Seven children die in Halifax house fire

A man and woman remained in hospital Tuesday afternoon, the man with life-threatening injuries

5 to start your day

IHIT investing South Surrey homicide, B.C.’s budget set to focus on climate change, poverty and more

Minister says plans to fight poverty, climate change, focus of B.C. budget

The NDP said in its throne speech last week that affordability will be the hallmark of its initiatives

UPDATED: ‘Violent’ B.C. man back in custody after Alberta arrest

Prince George man with ties to Vernon was being sought by police

After a week away, SNC-Lavalin questions await MPs returning to Parliament

Two have resigned already: Jody Wilson-Raybould was veterans affairs minister and Gerald Butts was Trudeau’s principal secretary

Most Read