News: Vancouver Real Estate Market

CANADA HOME PRICES TO INCREASE MODESTLY IN SPRING

What does it mean for B.C.?

The Greater Vancouver market saw signs of heading towards recovery in the fourth quarter, after a year-over-year decline. There was a 4.8% decrease in the aggregate price of a home in Greater Vancouver year-over-year to hit $1,107,719 in the fourth quarter of 2019. The aggregate price of a home in the third quarter of 2019, had decreased 5.2% compared to the same time last year.

Greater Vancouver's real estate market was fairly balanced in the fourth quarter according to Randy Ryalls, general manager, Royal LePage Sterling Realty. Two-storey homes and bungalow's in Greater Vancouver saw a decrease in the median price by 4.7% and 6.7% year-over-year to $1,443,918 and $1,195,003. Condominiums also saw a decrease in median price by 3.4% year-over-year to $645,607.

On the plus side, Ryalls added “Sales volume is up and inventory is decreasing. This is a good sign of a recovery on the horizon."

“We’re likely to see some moderate price growth after last year’s decline in prices. The window of opportunity for buyers to get a deal is closing quickly for most typical buyers. There remain some excellent opportunities in the luxury market," said Ryalls.


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