Vancouver ranked 88th on the overall Best Cities to Live list by MoneySense. (File photo by THE CANADIAN PRESS) (The Canadian Press)

Vancouver-area sees fastest drop in condo price per square foot: report

Montreal, Ottawa and Toronto all seeing rising prices

Prices for Metro Vancouver condos are dropping faster than in any other cities, according to a report released by Royal LePage Wednesday.

The real estate firm took a look at square-footage prices across Canada and found that all prices except Metro Vancouver rose compared to last year.

The price-per-square-foot for condos in Metro Vancouver dropped by 8.3 per cent to $764, while prices within the City of Vancouver dropped 6.3 per cent to $1,044.

In contrast, square footage prices for condos in Toronto, Montreal and and Ottawa all rose, with Ottawa seeing the biggest increase at 17.9 per cent to $395 per square foot.

Calgary was the only other major urban area studied to drop in price, hitting $313 per square foot after a 6.7 per cent drop.

The report said the median living area of a Metro Vancouver condo this year was about 854 sq. ft., leading to an average condo cost of $645,580. In the City of Vancouver, the average size was 780 sq. ft, leading to a cost of around $814,320.

Real estate advisor Adil Dinani said the price decrease is largely due to higher inventory levels that have led to “the market nearing the point of oversupply.”

“With a deceleration in Vancouver’s condo market, buyers for the first time in several years can benefit from the changing landscape,” Dinani said.

“We are also seeing a trend of buyers moving beyond the city core and closer to the transit corridor where properties are more affordable.”

READ MORE: B.C.’s skyrocketing real estate market will ‘correct’ in 2019: analyst

READ MORE: Canadian Real Estate Association reports home sales climbed higher in July

READ MORE: Greater Vancouver condo prices drop for the first time since 2014: report


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Influx of cross-border visitors to Peace Arch Park sparks concern COVID-19 could spike

Police, parks officials say patrols, education and signage have all been increased

Barn catches fire in Surrey

Fire department says ‘pressurized containers’ inside the structure

Facing changes together: Your community, your journalists

The COVID-19 pandemic has changed the world in ways that would have… Continue reading

What June 1 will look like at Surrey schools

High school students following a ‘tutorial model’ where they sign up through a set schedule of times

South Surrey church to host drive-thru food-donation station

Items dropped off to Mount Olive Lutheran Church to benefit Surrey Urban Mission program

Only four new COVID-19 cases, 228 active across B.C.

Health officials watching as activities ramp up

Feds looking at ways to reunite families amid COVID-19 border restrictions with U.S.

Some families with members of dual-citizenship have become separated due to the pandemic

‘I knew what he wanted’: Kootenay man spends hours in tree as black bear patrols below

Francis Levasseur is no stranger to the outdoors, but a recent run-in with a bear caused quite a scare

COVID cancelled their wedding plans, so they married on a BC mountaintop

Ceremony was live streamed to friends and family around the world

Trudeau acknowledges racial unrest in U.S.; ‘We also have work to do in Canada’

‘Anti-black racism, racism, is real; it’s in the United States, but it’s also in Canada,’ Trudeau says

State of Local Emergency declared for Boundary as communities brace for river flooding

Warm weather and heavy rain could cause sections of Kettle River system to swell beyond 2018 levels

Large cruise ships barred from Canadian waters until end of October: Garneau

Last year 140 cruise ships brought more than two million visitors to Canadian ports

Minneapolis cop who knelt on man’s neck charged with murder

Arrest comes after three days of protests, which escalated in violence as demonstrators torched a police precinct

Suspected ‘murder hornet’ leaves Langley man on edge after finding insect in bedroom

The extra-large invasive insect had been first discovered in Brookswood on Thursday, May 28

Most Read

l -->