Average home prices in Vancouver have dropped more than 12 per cent during the first three months of 2009 when compared to the same period last year.
Of the municipalities around Vancouver, the largest drop was seen in West Vancouver where home prices declined 16.3 per cent, according to Royal LePage’s quarterly House Price Survey released on Wednesday.
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“Prices are definitely down from a year ago,” said Bill Binnie, president of Royal LePage Northshore in North Vancouver. “But prices are starting to stabilize in the middle price range.”
The average price of a detached bungalow in Vancouver is now $743,750, down 12.8 per cent.
The price of a standard two-storey home has dropped to $828,750, a 12.6 per cent loss.
Condos have fallen to $406,500, a decrease of 11.6 per cent.
Binnie called the declines a “course correction.”