Home prices in Metro Vancouver and the Fraser Valley have had a very interesting evolution over the past seven months, dropping constantly between August 2016 and January 2017, only to go back on the upswing in February 2017.
Point2 Homes.com used data from the Real Estate Board of Greater Vancouver to track these fluctuations across seven months, in all the Metro Vancouver communities.
All prices are benchmark prices, based on the REBGV HPI index.
This chart offers an overview of the entire Greater Vancouver Area in terms of price trends. To see the full report click here.
Langley’s average home price as of February was $632,500, which is a drop of around $2,000 from August 2016. As of February, the benchmark price for a detached home in Langley was $866,900.
The Greater Vancouver Area aggregate benchmark home price fell by four per cent between August 2016 and January 2017, which translates to an 18.9 per cent average price drop.
However, prices recovered by 1.2 per cent between January and February this year, making up more than 25 per cent of the difference, in just one month.
Top 3 most dramatic price drops between August 2016 and January 2017:
• West Vancouver from $2.77 million to $2.43 million
• Delta municipality — North Delta prices down from $808,400 to $754,700 and Tsawwassen prices down from $969,300 to $911,700.
Top 3 strongest recoveries between January and February 2017:
• Port Coquitlam and Coquitlam.
• Bowen Island and Pitt Meadows don’t follow the same patterns as the rest of Metro Vancouver, as prices there continued growing, even in February, when the general trend shows a tentative reversal.
Home price data source: Real Estate Board of Greater Vancouver and Fraser Valley Real Estate Board.