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

Montreal, Ottawa and Toronto all seeing rising prices
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Vancouver ranked 88th on the overall Best Cities to Live list by MoneySense. (File photo by THE CANADIAN PRESS) (The Canadian Press)

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

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