Vancouver home sale price drops below $1.000.000!!!
For the first time in recent memory, the average sale price for a home in Vancouver has dropped below the $1,000,000
Is the Vancouver market coming to a screeching halt?
Average sale price for properties Vancouver have now fallen to $993,000.
That’s well off the $1,400,00 at this time last year, a 28 per cent fall!
I am not arguing with the data provided but I am arguing with the interpretation of the data. The Vancouver market is changing but it is not coming to a screeching halt and prices are not in a “free fall”. Typical attention-grabbing rhetoric by the media.
The reality is much less exiting, unless you own a luxury home. Yes Vancouver house prices peaked in the summer of 2016 but they are still up from 2015. What has changed is the amount of luxury home sales, homes priced at $5 million, $10 million or even higher. The rest of the market has not been impacted as much by the 15% foreign buyer tax.
Statistics quoting average sales prices combine all sales regardless of their type or location. Less sales at the high end pull down the average. If you look at a typical east Van house on a 30′ lot prices haven’t moved dramatically.
Prices shift independently by product type and location. As always it is important to work with an expert in the market, someone with the experience and knowledge of the community and the type of real estate you are considering.