Downtown condo prices are poised to sharp fall in autumn

HIGHLIGHTS Based on current prices, real estate in Vancouver's downtown and westside would all be considered luxury real estate. Westside benchmark house prices have dropped hundreds of thousands of dollars since peaking and are now below $3 million. Downtown and Westside Vancouver condo prices are also down since their peak in 2018. Higher-priced Lower Mainland markets like Downtown, the Westside, and West Vancouver have been hit hardest but the surrounding areas are also impacted by a real estate slowdown. Buying activity this Summer has been consistently slower than prior years and there are many homes for sale. Some houses on the Westside have been listed and repeatedly re-listed since 2017! As we enter the Winter months, some sellers will likely accept price concessions rather than wait another year. Foreign speculative investors are leaving Metro Vancouver and prices are now being supported by local economic fundamentals.

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