Bad News For Metro Vancouver Home Buyers As Prices Climb

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Published Apr 18, 2017, 5:58 PM

It found that in the first quarter of this year, home values went down 1.9% - the first time that's happened in 4 years. While condominium prices were up 14% compared to the first quarter of last year, the median price of a two-storey home fell just over 3% and the price of a bungalow fell 1%. Randy Ryalls of Royal Lepage Sterling Realty says after a period of astounding growth in 2016, eroding affordability and government intervention has cooled the housing market, at least temporarily. But he says they are starting to see signs of a quicker-than-normal rebound in some parts of Greater Vancouver, and if the number of listings remains critically low during the spring market, pent-up demand could send prices back up sharply.

Guest: Steve Saretsky - Realtor at Sutton Group-West Coast Realty

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