Month-over-month declines in real estate prices across many Lower Mainland property markets are another sign the overall market cycle has run its course, according to one housing economist.
The so-called benchmark price for all property types tracked in Metro Vancouver, excluding Surrey, have dipped 2.1 per cent since May to hit $556,605 at the end of July, the Real Estate Board of Greater Vancouver reported Tuesday.
In the Fraser Valley markets, which include Surrey, there were also month-to-month drops in prices in July with the biggest decline in average single-family-home price. The average Surrey house price of $520,232 was down six per cent from the month before.
