First drop in years in real estate prices on West Coast

First drop in years in real estate prices on West Coast

On Behalf of Porter Ramsay LLP | Dec, 19, 2018 | Real Estate Law

Property prices have finally dropped in Vancouver — for the first time in many years. Prices in British Columbia’s largest West Coast city have been climbing, until now, since 2013. The Real Estate Board of Greater Vancouver said the numbers do not come as a shock, considering additional inventory and a decrease in sales. Still, Vancouver and the surrounding region is one of the most expensive in the country for real estate, with the average home priced at more than $1 million. 

There were more than 1,600 in sales in Vancouver in November — a decrease of more than 18 per cent in October. Those sales translate into more than a 42 per cent decline from the same time in 2017. The number of sales this past November marked the fewest the city has seen since 2008.

The number of homes listed has increased dramatically. Currently, there are nearly 13,000 homes for sale — down more than 5 per cent from October. There are more than 40 per cent more homes actively for sale now than there were at the same time last year. More inventory means more competition for those selling.

With more inventory on the real estate market, buyers are presented with added choices, which may present added bargaining strategies. Whether buying or selling property, a British Columbia lawyer can help by preparing agreements, transferring property and providing advice on contractual obligations. Having a lawyer’s guidance when making one of life’s biggest purchases could mean the difference between a smooth transaction and one that might be riddled with problems.

Share this article