In 2017, Vancouver experienced a house price crash as real estate prices plummeted across the province.
In February, the average price of a home in Vancouver’s most expensive neighbourhood fell to $2.3 million.
The median price fell to just over $1.5 million in the region.
In 2016, Vancouver’s average house price was $2,600, but by February that figure had risen to $3.6 million.
In 2017 alone, the city’s average home price was over $5 million, according to data from realtor.com.
In fact, the median home price in Vancouver dropped by more than 20% between January and March.
In 2018, the home price index for Vancouver dropped 7.6% to $5,071, according the Real Estate Board of Greater Vancouver.
The average price in the Vancouver metro area fell by nearly 20% to over $2 million in 2018.
In 2020, the market suffered its biggest home price drop since the housing boom of the late 1980s and early 1990s, falling 11.3% to more than $3 million in a region where home prices have risen by more in each of the past five years than in the entire country.
But it was still cheaper than the region’s average.
In terms of median home prices, the province’s average price for a single family home rose by $1,000 to $1 million in 2017.
But that rose to $6,000 in 2019, $7,000 a year later and then to $9,000 last year, according an article by Realestate.com Canada.
As house prices continue to fall, some are worried the housing market may not be as resilient as it could be.
While Vancouver has been hit hard by the housing crisis, many other markets in the country have seen their prices fall.
“Vancouver is the epicenter of the Vancouver real estate bubble, but that doesn’t mean we should assume that the bubble will pop anytime soon,” said Simon Fraser University economist Alex Tabarrok.
“A bubble is built over time.
The housing market is in a state of flux and this is likely to continue for the foreseeable future.”
He added that he’s “not convinced the market is really healthy.”
“The housing market has gone through some big changes, but the fundamentals are pretty solid,” said Tabarroz.
He noted that many of Vancouver’s neighbours in Vancouver Island and the Fraser Valley have also seen prices fall in the same time period, including Richmond, Burnaby, Delta and the Coquitlam area of Surrey.