Canada's most expensive place to buy a home has gotten even more pricey, according to a report by Royal LePage Real Estate Services.
The average price for a two-storey home in Vancouver rose 10.5% in the second quarter of 2007 to $875,750 from $792,375. The price for a standard detached bungalow rose 11.3% to $787,750 from $708,000 during the same time last year.
Condominiums, however, saw the greatest percentage increase in average prices rising 13.6% to $419,250 from $369,000 a year ago.
These prices are far about the national average housing price, which is expected to rise 9% this year to $303,300.
The report said the rise in Vancouver prices is mainly due to slowing construction of new homes in the region.
The report noted that with a strong economy and consumer confidence, Vancouver is expected to see strong market activity for the rest of the year.
Despite the steady increase in Vancouver, Saskatchewan enjoyed the country's largest annual increase: the price for a two-storey home jumped 55.2% in Saskatoon to $305,000 from $196,500 and 56% for a detached bungalow to $281,250 from $180,250. The province's condo prices have almost doubled in the past year to $205,000 from $111,000.
The average price for a detached home in Edmonton and Regina was up more than 40%.