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

WATCH: Langley art beneath the vines helps hospice

West Coast Fine Arts late summer show enjoyed natural light in a winery’s greenhouse.

VIDEO: Driving from Langley to Whistler to help firefighters

Second annual rally for Porsche fans draws increased turnout

VIDEO: Multiple power outages in Langley

Traffic accidents among the causes

VIDEO: Vancouver Giants earn a 3-1 victory over Everett in season-opener in Langley

Langley’s major junior hockey team opened the season at home with a victory over the Silvertips.

VIDEO: Police cooperation leads to arrest and interception of stolen Langley truck

A pickup was stolen in Langley early Friday morning and crashed in Burnaby later in the day.

Conservation officer frees B.C. deer from flotation gear mishap

BC Conservation Officer Service is reminding residents to keep backyards clear of entanglements

Czarnik nets 3 as Flames dump Canucks 5-2

Calgary picks up exhibition win over Vancouver

Ottawa to name new ambassador for women, peace and security, Freeland says

Chrystia Freeland also confirmed Canada would spend about $25 million to fund number of initiatives

‘A little bright spot:’ Ottawa residents rescue dog trapped beneath rubble

Freelance journalist says rescue of a dog trapped under rubble was happy ending amid chaos in Ottawa

B.C. deaf community wants different sign languages on federal accessibility act

Advocates also want Indigenous Sign Language to be recognized on the Indigenous Language Act

Remainder of Vancouver Whitecaps season filled with ‘must-win’ games: coach

With Vancouver currently sitting four points out of a post-season spot, each contest is crucial

VIDEO: B.C.-born firefighter remembered by MP in emotional speech

Family asks first responders to look after one another in wake of suicide, growing concerns of PTSD

Airline has ‘close call’ with drone while en route to B.C. airport

Jazz Aviation reported the drone sighting near Vancouver to the RCMP and Transport Canada

Tragic accident claims life of B.C. toddler

Fundraising effort has been created to help mom and family

Most Read