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Greater Vancouver home prices continue decline in first quarter: Royal Lepage

While overall prices fell in the region, condo prices were up 1.4 per cent in the first quarter.
While overall prices fell in the region, condo prices were up 1.4 per cent in the first quarter. THE CANADIAN PRESS/Jonathan Hayward

Royal Lepage is out with its latest quarterly report, and housing prices in Greater Vancouver continue to fall — and it says federal and provincial government intervention is having an impact.

READ MORE: Metro Vancouver home prices dip again in March, sales at historic low: real estate board

It says prices fell by 1.5 per cent in the first three months of 2019, and the company is predicting a price fall of 1.4 per cent in the second quarter as well.

The average two-storey home sold for $1.5 million in the first quarter.

However, Royal Lepage’s Michael Trites says two cities saw price increases.

“In Langley, it shows an increase of 1.9 per cent in the reporting period and Surrey was 0.8 per cent.”

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While overall prices fell in the region, condo prices were up 1.4 per cent in the first quarter, to an average of $679,000.

The number of sales was also way down, and Trites credits the tougher mortgage rules from the federal government.

“Certainly the B-20 stress test, that’s playing a huge factor.”

READ MORE: Report on Vancouver housing plan shows progress in some areas, gaps in others