House prices continue to surge in Greater Vancouver

[easy-social-share buttons="facebook,twitter,google,pinterest,linkedin" counters=0 style="button"]

The latest housing price index from the Canadian Real Estate Association shows a 15.33-per-cent jump in the prices of all real estate types in the region between October 2014 and last month.

The average sale price of a detached home in Vancouver nearly doubled the national index price of $585,800.

CREA – Price gains were slightly more modest for condos, but greater Vancouver still saw the largest jump in prices in the country at 11.39 per cent. A typical apartment sold for $425,800 last month.

Gregory Klump, the CREA’s chief economist, predicts that prices for single-family homes in urban B.C. and Ontario will continue to rise more steeply than those of condos for the foreseeable future.

“The balance between supply and demand is generally tighter for single detached homes than it is for condo apartments, and that’s unlikely to change anytime soon,” he said in a press release.

Sale prices in the Toronto and Vancouver real estate markets continue to outpace those in the rest of the country, pushing the national average sale price to an 8.3-per-cent increase in the last year. Prices in the remainder of Canada rose by just 2.5 per cent in the year leading up to October.

BMO chief economist Doug Porter said the housing market has split into three groups, with Toronto and Vancouver too hot for comfort, the Prairies hit by the sliding price of oil and a middle ground which includes places like Ottawa and Montreal.

Porter described Vancouver’€™s 19.3-per-cent year-over-year gain in the number of sales out of this world.

“If anything, October saw an even greater divergence of Vancouver from the rest of the country (and perhaps planet Earth),” he wrote.

Across the country, the number of home sales rose by 1.8 per cent from September to October of this year, hitting the second-highest monthly level in close to six years, according to the CREA.

Calgary, Edmonton, Saskatoon and Regina all posted double-digit sales declines in October. Calgary’s housing sales are down 36.4 per cent from a year earlier.

“The renewed sag in oil in recent months looks to have triggered a renewed weakening in housing markets across much of Alberta and Saskatchewan,” Porter said.

Also on VancouverSun → Photos: Sarah McLachlan selling…



✎SUBSCRIBE TO BCHN - BC Housing News Ltd. is Metro Vancouver's source for industry news that educate, inform, empower and unite real estate professionals and consumers.
[ff id="1"]

Bylaws To Watch For When Purchasing a Condo in BC

BC Housing News | By:  Alisha Ilaender Bylaws To Watch For When Purchasing a Condo in BC The doctrine…

Apartment sales reach all-time high in June – PDF Report

SURREY, BC – While overall market activity slowed slightly in June, apartment sales reached record-breaking levels at 683 transactions for…

Abbotsford homeless village concept still alive, organizers say

Proposal to build 40 small cabins for homeless men and women still before city Tyler Olsen Thu Apr 27th, 2017…

Protected: Private: WestBrew (Monkey Business Brewery) NDA & Non-Compete Agreement – Sign Online

This content is password protected. To view it please enter your password below: Password: