Average prices for detached homes in Vancouver rose to $1,022,375 –triple the national average – in 2011’s third quarter, according to a Royal LePage House Price Survey released October 4.
Canada-wide, the average price for a detached home is $388,218, the study revealed.
The average year-over-year price increase for a detached Vancouver home, at 17%, was similarly about triple that of the average bungalow.
Nationally, the average year-over-year price increase for a detached home was between 5.7% and 7.8%, the report revealed.
“West Vancouver is the surprising number,” said Bill Binney, who is a broker and owner of Royal LePage North Shore.
That suburb’s homeowners enjoyed the largest price increases in the Lower Mainland. They watched prices for their detached bungalows increase 25% to $1.2 million.
One of the only housing types not to appreciate in value was standard condominiums in North Vancouver, due to new construction.
“Condo prices have been flat in North Vancouver for a couple of years,” Binney added.
Home prices across the Lower Mainland may be set for a bit of a fall in the near future, however.
Real Estate Board of Greater Vancouver (REBGV) released statistics October 4 that indicate consistent increases in property listings and fewer sales during the summer months has spurred a buyer’s market.
Glen Korstrom
@GlenKorstrom