Point Grey single-family home prices fall 12.8 percent in a year; Dunbar detached homes down 14.1 percent

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      If you've been wondering why homeowners in Point Grey seem so angry this year, the latest numbers from the Real Estate Board of Greater Vancouver provide an explanation.

      They show that in July 2018, the average sale price for a detached property was down 12.8 percent in this neighbourhood compared to the same month in 2017.

      The sample size isn't large.

      Because home sales are grinding slowly on the West Side, there were only eight transactions involving detached properties in Point Grey last month. There were 71 listings in this category.

      The benchmark price, according to the REBGV, was $3.4 million.

      Kitsilano's detached properties saw a drop of 11.5 percent on the year. Last month, there were seven sales and 60 listings.

      In Shaughnessy, there were 82 listings in July and zero sales of detached properties. The market literally seized up in that neighbourhood.

      In Marpole, there were 81 listings and just two sales of detached properties. In South Granville, there were 92 listings and just three sales of detached properties. 

      In Dunbar, which is represented by B.C. Liberal leader Andrew Wilkinson, there were seven sales of detached properties and 103 listings. The average price in July was down 14.1 percent from the same month in 2017.

      In parts of the West Side of Vancouver, there are signs on people's homes condemning Attorney General David Eby for a new property surtax on homes valued at more than $3 million. Eby is the NDP MLA for Vancouver–Point Grey.

      This property surtax is one of several factors having a detrimental impact on the market for the most expensive houses.

      The NDP government also increased the foreign-buyer tax from 15 to 20 percent and boosted the property-transfer tax on expensive homes. In addition, federal mortgage rules have been tightened.

      This year has seen angry demonstrations by Point Grey homeowners in Trimble Park and near the West Point Grey Community Centre.

      A recall campaign against Eby can't legally be launched until 18 months after the last provincial election, which occurred on May 9, 2017.

      But as long as home prices are falling by more than 10 percent in Point Grey, petitioners probably won't have much difficulty collecting signatures in some areas of the constituency.