Prices for Metro Vancouver condos are dropping faster than in any other cities, according to a report released by Royal LePage Wednesday.
The real estate firm took a look at square-footage prices across Canada and found that all prices except Metro Vancouver rose compared to last year.
The price-per-square-foot for condos in Metro Vancouver dropped by 8.3 per cent to $764, while prices within the City of Vancouver dropped 6.3 per cent to $1,044.
In contrast, square footage prices for condos in Toronto, Montreal and and Ottawa all rose, with Ottawa seeing the biggest increase at 17.9 per cent to $395 per square foot.
Calgary was the only other major urban area studied to drop in price, hitting $313 per square foot after a 6.7 per cent drop.
The report said the median living area of a Metro Vancouver condo this year was about 854 sq. ft., leading to an average condo cost of $645,580. In the City of Vancouver, the average size was 780 sq. ft, leading to a cost of around $814,320.
Real estate advisor Adil Dinani said the price decrease is largely due to higher inventory levels that have led to “the market nearing the point of oversupply.”
“With a deceleration in Vancouver’s condo market, buyers for the first time in several years can benefit from the changing landscape,” Dinani said.
“We are also seeing a trend of buyers moving beyond the city core and closer to the transit corridor where properties are more affordable.”