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

LETTER: Interurban ideas based on nostalgia not modern passenger needs

Fraser Valley Regional District needs to be included in the planning, a Langley man contends.

Man with gunshot wound walks into Langley hospital

Multiple police units responded to report

PHOTOS: Aldergrove Fair kicks off with 10th anniversary show n’ shine

The 107th annual Aldergrove Fair kicked off with some showy vehicles on… Continue reading

Figures reveal spike in highway traffic jams between Abbotsford and Langley

Nearly one in 20 westbound vehicles between Abbotsford and Langley clocked at under 60 km/h

Rich the Vegan scoots across Canada for the animals

Rich Adams is riding his push scooter across Canada to bring awareness to the dog meat trade in Asia

How a Kamloops-born man helped put us on the moon

Jim Chamberlin did troubleshooting for the Apollo program, which led to its success

Sexual harassment complaints soaring amid ‘frat boy culture’ in Canada’s airline industry

‘It’s a #MeToo dumpster fire…and it’s exhausting for survivors’

How much do you know about the moon?

To mark the 50th anniversary of the first lunar landing, see how well you know space

Body, burning truck found near northern B.C. town

RCMP unsure if the two separate discoveries are related

Former Fernie Ghostrider re-signs with Vancouver Canucks

Josh Teves has signed a two-year contract with the NHL team

Couple found dead along northern B.C. highway in double homicide

Woman from the U.S. and man from Australia found dead near Liard Hot Springs

UPDATE: West Kelowna fawn euthanized, not claimed by sanctuary

Gilbert the deer has been euthanized after a suitable home was not found in time

BC Wildfire Service warns wet weather no reason to be complacent

Fire risk currently low for much of B.C. compared to same time over last two years.

Most Read