Greater Vancouver’s housing market correction is finally having a noticeable impact on condo prices.
That’s according to a new report from real estate firm Royal LePage, which found that the per-square-foot price of a condo in Greater Vancouver has fallen more than any other major market in the country this year.
The median Greater Vancouver condo is priced at about $764 per square foot, down 8.3 per cent year-over-year, the report found. In the City of Vancouver, the median condo was selling for $1,044 per square foot, down 6.3 per cent, it found.
WATCH: Buyer’s market as some Metro Vancouver condo prices coming down
Despite the price drops, on a price-per-square-foot measure, Vancouver condo buyers are still paying the highest prices in Canada, the report found.
“With a deceleration in Vancouver’s condo market, buyers for the first time in several years can benefit from the changing landscape,” said Adil Dinani, real estate advisor with Royal LePage West Real Estate Services.
“Higher inventory levels have resulted in the market nearing the point of oversupply and price per square foot has been decreasing considerably in this category.”
With condo prices still significantly higher in the City of Vancouver than the surrounding region, Dinani said buyers are also increasingly looking outside the city core and along transit lines for more affordable housing.
He said neighbourhoods in Burnaby, the Tri-Cities and the Fraser Valley appeared particularly attractive.
The same report found that the median price per square foot of a Greater Toronto condo had climbed significantly since the start of the year, climbing 9.1 per cent to $743 — bringing it within spitting distance of Vancouver’s nation-leading prices.