Foreign investment and continued low interest rates fuelled Vancouver home price hikes in 2011 and are set to push prices higher by another 2.3% by the end of 2012, according to Royal LePage’s fourth-quarter house price survey released January 12.
Some of the report’s key findings – year over year – were:
- detached bungalows rose in value by 14.1% to $1,017,500;
- prices for standard two-storey homes were up 10.9% to $1,117,250; and
- condominium prices increased an average of 10.7% to $536,500.
“Though investment from Asia slowed in the fourth quarter, these buyers continued to view Canadian real estate as a safe place to park their money,” said Bill Binney, a broker and owner of Royal LePage North Shore.
“The state of the global economy will be a major factor in determining how the Vancouver real estate market fares in 2012.”
Glen Korstrom
@GlenKorstrom