charliesangelsperth Downtown Vancouver Home Prices Drop $700,000 in two years — Mortgage Sandbox
Downtown Vancouver House Prices Drop $785,000 in Two Years

Downtown Vancouver House Prices Drop $785,000 in Two Years

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Forecast, Real Estate

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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