07/09/2013 04:13 EDT | Updated 07/09/2013 04:14 EDT

Vancouver Housing Prices Drop: Royal LePage Survey


Vancouver's real estate market proved the exception to Canada's rule in the second quarter of 2013, as housing prices continued to show a drop over the same period in 2012, while nationally the trend was up.

The average price of a detached bungalow in Vancouver dropped 3.2 per cent to $1,052,500 over last year, while standard two-storey homes dropped 2.3 per cent to $1,151,250 and standard condos dropped 3.3 per cent to $490,475, a Royal LePage survey found.

The prices fell as Canada's overall market saw gains of 2.7 per cent for bungalows, 2.7 per cent for two-storey homes and 1.2 per cent for condos.

But the real estate company nevertheless forecasts positive news for Vancouver's housing market, predicting that average home prices could increase by two per cent by the end of the year.

Housing prices also slumped in Victoria, with detached bungalows dropping 1.5 per cent to $453,100, while condos dropped 4.5 per cent to $267,400. The average price of a two-storey home remained unchanged in B.C.'s capital.

Housing was most expensive on Vancouver's west side, where the average price of a bungalow fell 3.6 per cent from $1,400,000 in 2013 to $1,350,000 in 2012, while over on the North Shore, the price of a West Vancouver bungalow fell from $1,350,000 to $1,280,000, for a decline of 5.2 per cent.

The average price of a two-storey home on the west side fell 3.1 per cent from $1,600,000 to $1,550,000, while the average price in West Vancouver fell from $1,400,000 to $1,350,000, a drop of 3.6 per cent.

Condo prices on Vancouver's west side fell 3.3 per cent, from $750,000 to $725,000, while in West Vancouver they fell by 4.1 per cent, from $490,000 to $470,000.

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