Vancouver ranked 88th on the overall Best Cities to Live list by MoneySense. (File photo by THE CANADIAN PRESS) (The Canadian Press)

Vancouver-area sees fastest drop in condo price per square foot: report

Montreal, Ottawa and Toronto all seeing rising prices

Prices for Metro Vancouver condos are dropping faster than in any other cities, according to a report released by Royal LePage Wednesday.

The real estate firm took a look at square-footage prices across Canada and found that all prices except Metro Vancouver rose compared to last year.

The price-per-square-foot for condos in Metro Vancouver dropped by 8.3 per cent to $764, while prices within the City of Vancouver dropped 6.3 per cent to $1,044.

In contrast, square footage prices for condos in Toronto, Montreal and and Ottawa all rose, with Ottawa seeing the biggest increase at 17.9 per cent to $395 per square foot.

Calgary was the only other major urban area studied to drop in price, hitting $313 per square foot after a 6.7 per cent drop.

The report said the median living area of a Metro Vancouver condo this year was about 854 sq. ft., leading to an average condo cost of $645,580. In the City of Vancouver, the average size was 780 sq. ft, leading to a cost of around $814,320.

Real estate advisor Adil Dinani said the price decrease is largely due to higher inventory levels that have led to “the market nearing the point of oversupply.”

“With a deceleration in Vancouver’s condo market, buyers for the first time in several years can benefit from the changing landscape,” Dinani said.

“We are also seeing a trend of buyers moving beyond the city core and closer to the transit corridor where properties are more affordable.”

READ MORE: B.C.’s skyrocketing real estate market will ‘correct’ in 2019: analyst

READ MORE: Canadian Real Estate Association reports home sales climbed higher in July

READ MORE: Greater Vancouver condo prices drop for the first time since 2014: report


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Lost Labradoodle found and reunited with family in Abbotsford

Four-year-old Mordy went missing on Aug. 26 in Princeton

Multiple accidents on Highway 1 slowing morning commutes

One accident just past 232 Street in Langley, second is just East of Bradner Street in Abbotsford

Abbotsford buses more reliable after summer service upgrades, BC Transit says

More buses are on time, but some are still forced to bypass riders to keep to schedule

Man charged with stealing Chief Dan George sculpture from Abbotsford school

Piece turned up in Mission pawn shop after Chilliwack artist noticed it missing this summer

New real-time location technology coming soon to Fraser Valley buses

Waiting riders will be able to see location of their bus using their phones

VIDEO: Liberals make child care pledge, Greens unveil platform on Day 6 of campaign

Green party leader Elizabeth May unveils her party’s platform in Toronto

Winnipeg student, killed in bus crash, remembered as passionate, kind

University of Victoria student Emma Machado, 18, was killed in the bus crash near Bamfield on Friday

Boy overdosed on illicit anti-anxiety drug found on Kelowna classroom floor, RCMP say

Noah Mills, 8, ingested a pink powdery substance off his Kelowna classroom floor

Fewer trees, higher costs blamed for devastating downturn in B.C. forestry

Largest driving factor is the province’s complex stumpage system that results in high fees, expert says

Canucks sign Brock Boeser to three-year, US$17.6-million deal

Young sniper will be in Vancouver Tuesday

B.C. forest industry looks to a high-technology future

Restructuring similar to Europe 15 years ago, executive says

RCMP conclude investigation into 2017 Elephant Hill wildfire

Files have been turned over to BC Prosecution Service

Most Read