Photo: Mohammadali F./Flickr
Metro Vancouver’s housing market is undergoing a correction, and some areas have been hit far harder than others.
A new Zoocasa study of Metro Vancouver shows how 15 neighbourhoods are faring in an environment of depressed demand that has become the new reality in what was once the country’s hottest real estate region.
The Canadian real estate company looks at two key metrics in its study: benchmark prices, which are derived from calculations that remove certain properties known to skew averages (such as luxury homes), and the level of supply in a market, as measured by the months of inventory remaining.
In terms of prices, no market has taken a bigger hit than West Vancouver, where the benchmark of $2,212,900 has fallen 15.5 percent in the past year.
Compare that to North Surrey, which has only seen prices tumble 2.7 percent to a benchmark of $774,000, making it the neighbourhood that has been most resilient in terms of home values.
On the inventory front, no Metro Vancouver submarket has seen listings pile up like the White Rock/South Surrey area.
There was 7.4 months of inventory White Rock/South Surrey as of April, meaning if the current pace of sales persisted and no new listings appeared on the market, that’s how long it would take to sell out.
Just three other markets — North Surrey, North Delta, and, once again, West Vancouver — have inventory in excess of five months.
The tightest market is Port Moody, where there is 2.4 months of supply, up slightly from the 2.1 months recorded a year ago.
Here’s how all 15 Metro Vancouver markets stack up: