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Dip In House Prices Doing Little To Help Affordability For First-time Buyers

Dip in house prices doing little to help affordability for first-time buyers

New numbers show prices are dropping in some areas of the Metro Vancouver housing market, but the dip is doing little to help affordability for people trying to take their first step into real estate.

Homes are taking longer to sell in parts of the region, giving buyers of single-family homes the luxury of taking their time.

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“In particular, when you get into $2- and $3-million properties, buyers have a lot more choice… and they have the ability now to negotiate with sellers,” said Eric Bond, a market analyst with the Canada Mortgage and Housing Corporation.

A report released Thursday by CMHC says between June of last year and this year, luxury home prices in West Vancouver and Vancouver’s West Side dropped between five and seven percent.

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