Metro Vancouver condos see largest drops in prices in Canada: report

Vancouver condo towers. (Shutterstock)

The condo price per sq. ft. in Metro Vancouver dropped the most of any major housing market in Canada this year to date, compared to the same period 2018, based on a report released today by Royal LePage.

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The Vancouver region’s median condo price per sq. ft. fell by 8.3% year-over-year to $764 per sq. ft. When isolated to just the city of Vancouver, condo prices dropped by 6.3% to $1,044 per sq. ft. Even with the depressed nature of the housing market, both the Vancouver region and city proper condo prices are still the highest in Canada.

Single-family dwellings, of course, remain as the most expensive housing type in the city, with a median price of $1,279 per sq. ft. after a year-over-year drop of 4.3%. Across Metro Vancouver, the average price per sq. ft. for a single-family dwelling is $648 per sq. ft. — half the condo — after the year-over-year drop of 9.6%.

Vancouver was the only major city in the country where the median price per sq. ft. for condos exceeded single-family detached homes.

During the first seven months of 2019, the median living area of a condo in Metro Vancouver and the city of Vancouver was 845 sq. ft. and 780 sq. ft., respectively. Single-family detached home living areas were far larger at 1,958 sq. ft. for the region and 1,728 sq. ft. for the city.

“We predict condo buyers in the coming year will continue moving east where properties are more affordable, especially while interest rates remain low,” said Adil Dinani, real estate advisor for Royal LePage West Real Estate Services, in a statement.

“In addition to better affordability, many neighbourhoods in Burnaby, the Tri-Cities and the Valley are developing attractive necessities that were previously only available in Vancouver.”

Greater Calgary also experienced significant declines of 6.7% ($313 per sq. ft.) for condos and 6.4% ($302 per sq. ft.) for single-family dwellings, with the city of Calgary’s changes and average price in close alignment.

Over in Greater Toronto, the country’s second most expensive housing market, the median price per sq. ft. of condos increased by 9.1% to $743 per sq. ft. compared to last year. Condos within the city of Toronto were less affordable at $839 per sq. ft., after a year-over-year increase of 8.5% in price.

“With the recent divergence in their appreciation rates, the gap between the median condominium price per square foot in Greater Vancouver and the Greater Toronto Area is closing,” reads the report.

The housing market with the largest year-over-year increase was Greater Ottawa, with a year-over-year increase of 17.9% to $395 per sq. ft.

Additionally, Greater Montreal saw gains too, with condos rising year-over-year by 10.3% to $362 per sq. ft.

Royal LePage Canada

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