The aggregate home price in Greater Vancouver has increased 8.2% year-over-year to $1,267,769, according to Royal LePage's 2017 Q4 House Price Survey (HPS).
The HPS assesses real estate trends in residential markets across Canada for the past quarter.
According to the survey, the average condominium price has grown substantially due to greater affordability in the market as opposed to detached dwellings. The median price of a condo jumped 20.2% year-over-year to $651,885.
For other housing types, the median price of a bungalow appreciated by 5.3% year-over-year to $1,436,606 while the median price of a two-storey home rose to 6.6% to $1,586,991.
Greater Vancouver Housing Market Summaries:
·Residential real estate in the City of Vancouver appreciated across all housing types studied, rising 12% year-over-year to $1,480,712.
·In West Vancouver, Canada’s most expensive market, condominiums have risen 13.5% year-over-year to $1,167,544. Within the last three months, the area posted the largest aggregate declines of any market studied nationwide, with the median home value falling 6.4% year-over-year to $3,020,354.
·In North Vancouver, aggregate home value was up 5.7% to $1,459,750. The area’s condominium market posted the largest annual gains of any property segment in the nation, surging 26.8% year-over-year to $673,313.
·Richmond real estate revealed a healthy aggregate price increase of 4.4% year-over-year to $1,124,319 in the fourth quarter compared with the same period in 2016. Condominiums in the area rose 19.5% to $533,063, compared with the same time last year.
·Burnaby and Coquitlam saw aggregate home prices in both regions rise 10.3% and 11.1% year-over-year to $1,115,541 and $1,064,247, respectively. Condominiums markets in both areas grew impressively with median prices climbing 25.1% and 18.8% year-over-year.
·In Surrey, home appreciation increased 10.7% year-over-year to $844,869 and in Langley, aggregate home prices increased 12.8% to $866,073. Interest in Langley’s condominium market was very high, causing price appreciation to grow by 23.4% compared with the fourth quarter on 2016.
“Home values have continued to strengthen across Greater Vancouver, particularly in the entry-level market where conditions have intensified even further, and competition for available property is stiff,” said Randy Ryalls, general manager, Royal LePage Sterling Realty.
“With each passing day, purchasers are becoming more attuned to the new price environment and consumer confidence strengthens. After waiting for quite some time to see if home values would waver, many purchasers now believe that the region’s robust economy and chronically low inventory levels will likely insulate many segments from significant price declines.”
Aggregate home prices in Greater Vancouver are predicted to appreciate by 5.2% by the end of 2018, according to Royal LePage’s most recent Market Survey Forecast. The company believes this is due to exceptionally low inventory levels enticing price appreciation within the region.