Home prices in Vancouver continue their upward trend

Prices for all housing types are still on the rise in Vancouver, according to the Royal LePage House Price Survey which was released last week.

The report said year-over-year price increases were seen across all housing types in the city in 2014’s first quarter. Detached bungalows saw the biggest jump, with a 4.8% increase to $1,062,318. Standard two-storey homes increased 2.9% to $1,148,473 and standard condos grew 0.3% to $482,000

“The Vancouver real estate market was steady but balanced when compared to the same period of last year,” said Bill Binnie, broker and owner of Royal LePage North Shore.

“There is a healthy dose of momentum in the market right now, in large part because of the year-over-year increase in unit sales.”

Inventories for detached homes in Vancouver have been low lately, said Chris Simmons, owner and broker of Royal LePage Vancouver West Side and City Centre, meaning properties that are put on the market don’t stay there for very long.

“Builders are focused on developing multi-unit properties like condos, so inventory in that category remains fairly good,” Simmons said.

“On the other hand, there is a perpetual shortage of single-family homes, which is driving up prices for this property type.”

Simmons said the first quarter is consistent with how the January-to-March period usually plays out.

“In terms of unit sales, January and the beginning of February were slow, but more and more life came into the market in the end of February and through March.”

Prices also rose across Canada as a whole, with the average two-story home costing 5.4% more than one year prior, at $428,943. Detached bungalows grew 4.4% to $380,765 and standard condos increased 2.5% to $252,174.

Source: Emma Crawford Hampel, Business in Vancouver

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