A spike in home sales throughout 2014 pushed the benchmark price for all residential properties in Metro Vancouver up 5.8% to $638,500 at the end of the year, according to numbers that the Real Estate Board of Greater Vancouver (REBGV) released January 5.
Detached homes continued to achieve the biggest price bump.
“Detached homes in Metro Vancouver have increased 8.1% in value over the last 12 months while townhome and condominium properties have increased 4.5% and 3.5% over the same period,” said REBGV president Ray Harris.
Total sales for all residential properties rose to 33,116, which is 16.1% more than the 28,524 sales recorded in 2013 and a 32.3% increase compared with the 25,032 sales recorded in 2012.
December turned out to be a strong month for housing activity.
Sales for detached homes increased 9.3% to 833 while the benchmark price surged 8.1%, compared with last December, and passed the $1 million psychological threshold for the first time to end the year at $1,002,200.
Apartment sales increased 7.3% to 912 with the benchmark price increasing 3.5%, compared to last December, to $380,700.
Attached properties had a similar story with sales rising 8.8% to 371 and prices rising 4.5%, compared with last December, to $476,800.
