Home prices in Vancouver saw year-over-year increases for all housing types, according to Royal LePage data released October 10.
Prices for detached bungalows jumped by 5.6% to an average of $1,070,000, while two-storey home prices rose 2.7% to $1,156,500. The price of a standard condominium increased by 1.2% to $503,750.
“Activity has picked up significantly since last year and we are back to having a busy and vibrant market in this city,” said Bill Binnie, broker and owner, Royal LePage Northshore.
“Even with the increase in activity, buyers are still being judicious. Multiple offers occur occasionally, but only for well-priced properties in neighbourhoods with good transportation options.”
Buyers and sellers agree that the city has worked through its correctional period, said Chris Simmons, owner and broker at Royal LePage Sunshine Coast.
“Those who were hoping to see a significant drop in property values are now reentering the market at current prices,” said Simmons.
Price increases were also seen across all categories nationwide. The price of bungalows rose by 4.1%, two-storey homes by 3.7% and standard condominiums by 1.2%.
“Canada experienced a significant housing market correction over the last four quarters that most in the nation missed entirely,” said Phil Soper, president and chief executive of Royal LePage. “Our housing market turned a corner in the third quarter. Buyers returned to the streets in droves, resulting in a sharp increase in home sales.
“In many cities, there simply weren’t enough properties on the market to satisfy demand, which put upward pressure on prices for the first time in 2013.”
Soper said he expects this positive momentum to continue through the spring of 2014.
