Earlier this month, as surging Vancouver luxury home prices were making international headlines and local real estate boards reported continued price spikes, another set of gauges was telling a different story.
These numbers revealed that average home prices in Metro Vancouver have been falling — not just in recent weeks, but also going back several months.
The various snapshots make for a muddle that might wash out over a longer period, but it’s a cacophony of confusion for buyers and sellers trying to figure out what to do right now, not to mention homeowners obsessed with the rise and fall in the worth of their assets.
Zolo, a national real estate brokerage, has been attracting attention for its tracking of MLS home sales in real time. It says the “average price” of homes sold in the last 28 days in the City of Vancouver has fallen 21.4 per cent, is down 25.1 per cent over the last three months, and down 7.4 per cent from last year.