Vancouver repeat home sales prices were down 1.3% in November, according to the most recent Teranet Home Price Index, which tracks price changes for repeat sales of single family homes.
The drop gave Vancouver the biggest decrease in the country compared with all other major cities, and it bucks the national trend; across Canada, prices increased 0.2% compared with October.
“For Vancouver it was the second monthly decline in a row after 21 months of gains,” Teranet said in a December 14 press release. “The November rise of the composite index was the 10th in a string of consecutive month rises that each took it to a new record.”
Hamilton (up 1.4%), Toronto (up 1.1%) and Montreal (up 0.9%) had the largest increases in the country. After Vancouver, the biggest drops were found in Ottawa-Gatineau (down 0.8%), Winnipeg and Edmonton (both down 0.2%).
At the end of November, the British Columbia Real Estate Association said home sales prices are set to slide 8.7% throughout 2017, and it predicts the average price in Vancouver will be $940,000 next year. This data takes all home sales—not just repeat home sales—into account. Some of this downward pressure on prices will come from an increased supply of new homes across the project as home projects are completed.
Check out BIV’s podcast for the week of December 13, 2016: