Vancouver housing prices have fallen year-over-year and will continue to drop this year, according to Royal LePage's House Price Survey and Market Survey Forecast, released this morning.
It found that prices for Vancouver's detached bungalows decreased year-over-year by 1.6% to $1.001,250. The survey also showed that prices for standard two-storey homes slid 1.3% to $1.102,500 and prices for standard condos dropped 3.6% to $481,250.
Bill Binnie, broker and owner of Royal LePage North Shore, said Vancouver's real estate market has been slow over the past eight months.
"Sellers have not been bringing their listings to the market because prices have not been competitive while buyers have been sitting on the fence hoping prices will go down," he said. "The reality is that sellers are not interested in making any significant reductions in price and with our good local economy and healthy employment, there has not been pressure for them to sell."
Royal LePage is forecasting fewer high-end sales in 2013, which it predicts will cause average housing prices to drop a further 3.0% lower than the end of 2012.
Chris Simmons, broker and owner of Royal LePage Westside & City Centre, said buyers are seeing a rare opportunity in Vancouver now, but that they shouldn't expect a significant price drop ahead.
"In order for that to happen, there would need to be considerably more inventory available," he said.
