RE/MAX is out with its Spring Market Trends report, and it says residential home prices in Greater Vancouver fell 11 per cent in the first quarter of this year, to an average sale price of $969,000 from $1,094,936 in 2016.
The report says the typical price range for first-time buyers is from $300,000 to $500,000 and that the typical property they buy is a condo rather than a detached home.
It blames the decline on several factors: the introduction of the foreign buyer’s tax last August, a relatively severe winter, and the natural stabilization of prices after the market reached a high point in May 2016.
Even though the average residential sale price has gone down in Greater Vancouver, the report found sale prices for condos has gone up by nine per cent from $542,268 to $592,784.
As well, Remax says buyers from Vancouver and those migrating from other provinces continue to fuel activity in Fraser Valley, Kelowna, and in Victoria, because they are more affordable.
With files from Gord Macdonald