Posted Jul 26, 2018 9:49 am PDT
Last Updated Jul 26, 2018 at 10:06 am PDT
METRO VANCOUVER (NEWS 1130) – The price of a detached home is falling in parts of Metro Vancouver, according to the Canada Mortgage and Housing Corporation (CMHC). This follows a regional slowdown in real estate sales we’ve been seeing over the past few months.
We have heard anecdotally from some realtors that prices have been going down in some areas due to this slow market we’ve seen. Now, new numbers from the CMHC show house prices in West Vancouver and Vancouver’s west side have dropped year over year by between five and seven per cent.
North Vancouver and Richmond are seeing more modest price declines — with drops of as much as four per cent.
But this trend is not universal across the region. Prices are still up year over year by six to 15 per cent in many communities, including Surrey, Langley, and Maple Ridge.
Meanwhile, the price of an apartment in Metro Vancouver continues to rise. In places like Surrey and Langley, they have gone up between 26 and 35 per cent year over year.
Across Vancouver and North Vancouver, apartment prices have risen by 16 to 20 per cent.