Average detached home prices in Surrey, Langley seeing double-digit drop
While home prices in Metro Vancouver remain sky-high, the price for single-family detached homes in two of the region's fastest-growing markets have seen a significant dip recently, according to one industry group.
HouseSigma uses AI to compare historical listings and estimate current values in real-time. Its latest data compared prices from February and May 17, 2022.
In Surrey, the average price dropped from $1.9 million to $1.59 million – a decrease of 16.3 per cent. In Langley, the price dropped from $1.75 million to $1.5 million – a decrease of 14.3 per cent.
While higher interest rates are said to be cooling the market in B.C. and beyond, HouseSigma agent Hao Li says there is likely something else at play in these two places. As people flocked outside of the city looking for cheaper housing, the population boom drove up prices. Now, Li says the demand has eased.
One of the reasons that it is going downward even more is because it's been rising much quicker in those two cities compared to other cities of Greater Vancouver for the past two years," he says.
"We can forecast that the price and the sales volume will drop initially. But as time goes on, will get more stabilized."