Oct 03, 2012 08:06:42 AM
VANCOUVER (NEWS1130) - A new analysis shows the condo market is losing the most as the Vancouver housing sector cools.
Looking at the third quarter that ended in September, Royal LePage says there were "modest year-over-year price decreases for all three housing types" in its survey, as the number of unsold homes rose.
But condos fell the most, with a three per cent year-over-year drop to an average price of $498,000. Detached bungalows fell 0.9 per cent to just over $1 million; standard two-storey homes dropped 1.5 per cent to $1.1 million.
Like other housing reports of late, it cites recent changes to mortgage rules.
“Buyers are being very cautious. However, the variety and choices of housing that is available as well as price reductions will spur activity sooner rather than later," says Chris Simmons with Royal LePage.
"Chinese buyers have not been as active in the housing market as in previous years," he adds. But he expects them to return "once prices stabilize."