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Metro Vancouver Price Drops Unlikely To Help Housing Affordability, Real Estate Experts Say

Metro Vancouver price drops unlikely to help housing affordability, real estate experts say

By Mike Laanela for CBC News

While there may be more signs of cooling in Metro Vancouver’s housing market, experts say significant relief is unlikely for shoppers at the market’s lower end.

Sales are well below the 10-year average, according to figures released this morning by the Real Estate Board of Greater Vancouver, and the price of a detached home actually dropped marginally last month in half of the areas tracked.

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Some of the biggest price drops have been in the most expensive neighbourhoods, including the West Side of Vancouver and West Vancouver, which have shown four per cent decreases in prices over the past six months.

That’s not surprising to Cameron Muir, chief economist for the B.C. Real Estate Association, who says the top of the market is always the most volatile part.

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