The price of an average home in Metro Vancouver is now $1,019,400, according to the latest figures from the Real Estate Board of Greater Vancouver (REBGV).
That benchmark price, representing the cost of a typical property in the region, is up 8.7% from July last year, and 2.1% just since this June.
If you’re looking for a detached, single family home, you may as well be dreaming, with that benchmark price up to $1,612,400.
Meanwhile, a typical townhouse will cost you $763,700 and a condo will set you back $616,600.
Totally affordable right?
Nevertheless, in a release, Jill Oudil, REBGV president, said housing demand is inconsistent across the region right now.
“Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” said Oudil.
“For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”
Maybe that’s because no one can afford a detached home selling for at least $1,612,400….
One more telltale sign. According to the REBGV, for all property types, the sales-to-active listings ratio, the rate at which properties are selling, for July 2017 is 32.2%.
Generally, analysts say home prices drop when the ratio dips below the 12% for a sustained period, while home prices rise when it surpasses 20% over several months.
Yes, you read that right. We are 20% ahead of where we need to be if we want to see home prices become more affordable.