Vancouver home prices drop during Q4 amid ‘significant reduction’ in sales

The city's price declines come amid rising prices in region and nation

Homes prices in the City of Vancouver fell 0.6% in the fourth quarter, according to a new survey from Royal LePage | Photo: Rob Kruyt

Homes prices in the City of Vancouver aren’t quite coming back to Earth, but their stratospheric heights lost some altitude in the fourth quarter of 2018.

The aggregate home price in Vancouver decreased 0.6% year over year to $1,418,252, according to the Royal LePage house price survey released January 11.

Meanwhile, the aggregate home price in Greater Vancouver as a whole grew 2.1% to $1,274,831 in Q4 2018 compared with the same period a year earlier.

Nationwide the aggregate price grew 4% year over year to land at $631,223.

The survey said the local real estate market is facing higher inventory levels and fewer transactions, especially in the detached housing segment.

"While we've seen a significant reduction in the number of sales across all housing types, condominiums continue to outperform all other housing types in Greater Vancouver," Randy Ryalls, general manager of Royal LePage Sterling Realty, said in a statement.

The survey revealed that the median price of condo across the region shot up 4.6% to $680,991 year over year.

"While the condo market is showing balance, in contrast, sales activity within the detached housing market has slowed down considerably and is firmly in a buyer's market,” Ryalls said.