While falling home prices may be good news for those trying to get into the real estate market, they’re certainly not welcomed by the 63.7 per cent of Metro Vancouver adults who own their home.
A study released May 21 found that in the past year, from April 2018 to April 2019, $89.2 billion has been wiped off the total value of residential real estate across the Lower Mainland.
The study also analyzed individual municipalities to look at the average dollar amount of equity lost per household in each area, and the median percentage of equity lost.
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West Vancouver saw the highest percentage decrease, at 14.68 per cent, and the highest average dollar amount lost per household, at $451,385.
However, almost half of the nearly $90 billion in losses are outside Vancouver and West Vancouver.
The analysis was carried out by Paul Sullivan, senior partner at Burgess, Cawley, Sullivan & Associates Ltd., a commercial real estate and property tax appraisal firm. It was carried out on behalf of STEPUP, a group that advocates for the end of what it considers to be unfair and politically motivated taxation policy.