Vancouver average new house price tops $3.8 million
June 13 2018
There were 1,413 new single-detached houses under construction in May across the City of Vancouver and the average price of the 587 houses completed in the month was $3.87 million, down 1.7 per cent from a year ago.
The figures are from the Vancouver office of Canada Mortgage and Housing Corp., which noted that actual Metro Vancouver housing starts so far this year reached 11,095 units, up from 10,230 at the same time in 2017. The region is dominated by multi-family starts, which accounted for 9,260 units through the first five months of 2018, compared to just 1,835 detached houses.
Metro Vancouver home builders are facing headwinds this year because of a dramatic sales decline in the resale market. According to the Real Estate Board of Greater Vancouver, sales of detached houses plunged 42 per cent in May compared to year earlier while condo apartment sales dropped 29.3 per cent and townhouse sales were down nearly 40 per cent from a year ago.
A myriad of rapid-fire new taxes and regulations introduced by the provincial government are being blamed, at least in part, for the slumping sales. Said Vancouver realtor David Goodman, “My head is spinning. I feel like the NDP has given the industry a lobotomy.”