West Vancouver house prices down more than $500,000
The latest housing data from Vancouver paints a picture of a market where buyers are refusing to sell into a falling market.
Sales volumes are at a 19-year low and were down 6.9% y/y in June as prices are down around 10% y/y.
The benchmark prices for a home in the Greater Vancouver area fell to $1,006,400 last month, compared with a record-high of $1,094,000 in May 2018. In the desirable west side of the city, the benchmark price for a detached home sank $502,900 over the past year to $2,927,600.
A combination of tougher mortgage rules, a foreign buyers tax and deteriorating relations with China have combined to pop the bubble.
The question is: How much further can it fall? The home above is currently "priced to sell" at $1.9m, so I'm guessing there is still plenty of downside.
