Metro Vancouver detached home prices should stabilize later this year but condo prices will continue to fall, according to the deputy chief economist of Central 1 Credit Union.
“We expect to see some stabilization by the end of this year, we are going to see those prices stabilize,” Bryan Yu said of detached homes in Metro that have plunged in value since 2016.
However, condo prices, which started falling after detached prices, will keep going down.
Vancouver Real Estate News, Market Updates, Insider Tips, Stats, & Analysis
“If we look at where the market has already declined, it’s been in the detached market up to this point,” Yu said. He said with more condo complexes coming on the market, downward pressure on prices will continue.
He said the market for detached homes will stabilize faster than for condos because prices in the detached segment have been dripping for a longer time.
Central 1 released its Resale Market Housing Outlook 2019-2021 on Tuesday morning.