Value of detached homes in Metro Vancouver and Fraser Valley has dropped: report
Although detached house prices in Greater Vancouver and the Fraser Valley increased in the first half of the year, a report from Re/Max said the value remained below the average prices seen last year in most neighbourhoods.
In this recent Hot Pocket Communities Report, Re/Max tracked the average price and unit sales activity in the freehold segment in 82 districts within the Real Estate Board of Greater Vancouver, Fraser Valley Real Estate Board and Toronto Regional Real Estate Board.
It found a substantial drop in prices in the first quarter of the year, leading to more home-buying activity in the second quarter.
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“Yet, despite the rally in home-buying activity, close to 93 per cent of detached houses in Toronto and Vancouver posted a decline in values in the first six months of the year, compared to the same period in 2022,” the report reads.
“Values were held to single-digit declines in almost 43 per cent of markets (35), including … nine in Greater Vancouver, and two in the Fraser Valley.”
Meanwhile, in Greater Vancouver, the median price increased more than 13% in the Gulf Islands and 1.9% in West Vancouver-Howe Sound.
In the report, Re/Max added that affordability was the main influence on buying activity for the first half of the year.
“Despite more challenging conditions, move-up buyers recognized an opportunity to make a move amid lower overall values in the … Greater Vancouver and the Fraser Valley,” the report reads.
“Trade-up activity has pushed the share of detached home sales to … 29.3 per cent in Greater Vancouver … slightly from one year ago. Detached market share hovered at 37.5 per cent in the Fraser Valley, down from 38 per cent in the first half of 2022.”
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