8 April 2019

“Detached home prices are going up in line with inflation, while condo prices are showing almost double-digit growth as vertical living has become more popular in this world-class city.”

British Columbia’s economy is quite strong, but it keeps fighting with its real estate market challenges. In Q1, Greater Vancouver home prices were down annually for the first time in 7 years, with the average cost falling by 1.5% to $1,239,306.

“The Greater Vancouver area is still one of the most desirable places to live in the world,” – said Soper. “Population growth is leading to strong household formation and the employment rate is high. However, stricter rules caused a decline in home sales to the mark we haven’t seen in 30 years. Weakening consumer confidence and suppressing the demand with new taxes and restrictive regulations doesn’t mean we don’t need new real estate objects anymore. It only pushes families out of the market and fuels a destructive boom-bust cycle.”

It’s interesting that certain Greater Vancouver’s most desirable regions are facing falling prices. Expensive regions, like West Vancouver, North Vancouver, Burnaby, and the City of Vancouver, are dropping, and it’s a great chance for those who are looking for luxury properties.

Meanwhile, Montreal is benefitting from improving housing market like Toronto and Vancouver did earlier. The average home price in Greater Montreal was up by 5.5% year-over-year to $406,332. Moreover, the pace of home price growth exceeded the national average and the numbers in the GTA and Greater Vancouver.