Listing prices for detached homes appear to be falling as Vancouver’s real estate market faces what an expert calls “significant headwinds.”
Data released Friday showed that those looking to buy a single family detached home in the city last month forked over about $1.5 million in Metro Vancouver, but recent listings suggest that the benchmark is falling.
CTV News found a number of East Vancouver homes priced under then $1 million mark during a search of MLS listings on Monday, including one that sold for $560,000 below the initial asking price.
That home, located in Renfrew Heights, was initially listed at $1.36 million in August, but sold for $800,000 in mid-November.
Sutton West Coast realtor David Hutchinson has been tracking plunging prices and found several detached homes listed below $1 million, some of which had been recently renovated.
“If you want to sell, you have to be priced sharply, and you see a lot of price drops,” Hutchinson told CTV.
Sales have slowed and prices are beginning to soften. Fundamentals remain shockingly poor, and there are ‘headwinds’ like rising mortgage rates and financing restrictions. 2017 will tell whether this is the beginning of the crash we’ve expected for years. – vreaa