{"id":4547,"date":"2017-01-18T10:10:00","date_gmt":"2017-01-18T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4547"},"modified":"2017-01-20T13:29:54","modified_gmt":"2017-01-20T21:29:54","slug":"home-prices-to-drop-almost-9-across-greater-vancouver-2017","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/01\/home-prices-to-drop-almost-9-across-greater-vancouver-2017\/","title":{"rendered":"Home Prices to Drop Almost 9% Across Greater Vancouver 2017"},"content":{"rendered":"<p style=\"text-align: justify;\">Decreasing affordability and falling consumer confidence across Greater Vancouver are expected to contribute to cooling home prices in 2017, according to a Royal LePage forecast released January 12.<\/p>\n<p style=\"text-align: justify;\">Prices started to moderate in 2016\u2019s fourth quarter, and this year they are expected to drop 8.5%, in part due to new federal and provincial regulations introduced in 2016.<\/p>\n<p style=\"text-align: justify;\">\u201cIt is expected that Greater Vancouver will experience a near double-digit correction in the new year, as sanity returns to the marketplace, causing the region to give back much of the appreciation witnessed in the first half of 2016,\u201d said Royal LePage Sterling Realty general manager Randy Ryalls.<\/p>\n<p style=\"text-align: justify;\">\u201cHowever, inventory will continue to be the story in the new year, as any movement within the market will be exaggerated at their current extremely low levels, meaning that if sentiment remains unchanged, conditions could worsen and prices may fall even further.\u201d<\/p>\n<p style=\"text-align: justify;\">As prices moderated across the region in Q4 2016, the single-detached and attached home segments both flipped from seller\u2019s to buyer\u2019s markets.<\/p>\n<p style=\"text-align: justify;\">\u201cAfter appreciating at an unsustainable rate for the better part of the year, prices across Greater Vancouver have begun to correct as a result of deteriorating affordability, a lack of quality inventory and heightened market uncertainty stemming from conflicting governmental intervention,\u201d Ryalls said.<\/p>\n<p style=\"text-align: justify;\">\u201cThis has led to a decrease in competition for listings across Greater Vancouver, giving rise to new market conditions where prospective homeowners have more power at the bargaining table, causing prices to soften.\u201d<\/p>\n<p style=\"text-align: justify;\">Condos bucked the trend in 2016\u2019s fourth quarter, and this segment remains in a seller\u2019s market. Sales prices for this home type are not expected to cool as much as the other two categories in 2017.<\/p>\n<p style=\"text-align: justify;\">As of the end of 2016, aggregate home prices across Greater Vancouver differed by region, according to Royal LePage data, as follows :<\/p>\n<p style=\"text-align: justify;\">\u2022 Vancouver: $1,506,498, an increase of 25.6% year-over-year;<br \/>\n\u2022 West Vancouver: $3,573,148, up 32.8% in the year;<br \/>\n\u2022 North Vancouver: $1,391,197, up 28%;<br \/>\n\u2022 Richmond: $1,102,456, up 27.6%;<br \/>\n\u2022 Burnaby: $1,030,282, up 19.3%;<br \/>\n\u2022 Coquitlam: $1,003,650, up 27.1%;<br \/>\n\u2022 Surrey: $765,726, up 22%; and<br \/>\n\u2022 Langley: $786,720, up 25.7%.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2017\/1\/home-prices-drop-almost-9-across-greater-vancouver\/\" target=\"_blank\">Home Prices to Drop Almost 9% Across Greater Vancouver 2017<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Decreasing affordability and falling consumer confidence across Greater Vancouver are expected to contribute to cooling home prices in 2017, according to a Royal LePage forecast released January 12. Prices started &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/01\/home-prices-to-drop-almost-9-across-greater-vancouver-2017\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-4547","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Home Prices to Drop Almost 9% Across Greater Vancouver 2017 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/01\/home-prices-to-drop-almost-9-across-greater-vancouver-2017\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Home Prices to Drop Almost 9% Across Greater Vancouver 2017 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Decreasing affordability and falling consumer confidence across Greater Vancouver are expected to contribute to cooling home prices in 2017, according to a Royal LePage forecast released January 12. 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