Vancouver’s average home price drops to $1.1 MILLION dollars

The average price of a home in the Greater Vancouver Area has fallen yet again in December of 2019, as the latest housing figures show prices dropped 4.8 percent year-over-year, meaning homes in Vancouver are now, on average, $1.1 million dollars.

That decrease came after a hefty 5.2 percent drop in last year’s third quarter, compared in 2018’s figures at that same time, according to Royal LePage.

Price drops were experienced across numerous types of housing; the median price for a two-storey Greater Vancouver home dropped by 4.7 percent to 1.4 million, with bungalow housing prices falling 6.7 percent to $1.1 million. Condo prices also fell to $645,607.

Prices in the Greater Toronto Area have continued to dip as well, with prices dropping in value roughly 5.3 percent compared to last month to the average number of $854,000, according to The GTA’s home price index.

In comparison, November 2019 saw average home prices in Calgary down 2.3 percent, compared to the previous year.

Below is a map that outlines the average housing prices, provincially.