More bad news on the housing front: detached homes continue to be out of reach for young Vancouverites, as year-over-year price increases reach nearly 20 per cent for the Metro area, according to a survey from Royal LePage – and that’s just for bungalows, which are worth on average $1,022,688.
Overall, prices in Metro Vancouver rose almost 13 per cent year-over-year across all home types, including detached houses and condominiums, raising the average price to $928,532.
There’s some good news, though: condominiums only saw a four per cent year-over-year increase this quarter, bringing the average price to $462,719.
And it’s not just affecting people in our own backyard.
“Strong home price increases in Greater Vancouver are playing a significant role in the increases we are seeing at the national level,” said Alan Stewart, regional manager, Royal LePage Sussex in a statement.
“The strength of the British Columbia economy combined with newcomers moving to the province continues to drive the local housing market. Although Vancouver job growth is currently lagging behind the national average, dramatic appreciation in the housing market can be partly attributed to an inflow of retirees and international buyers.”
Besides Vancouver, the two cities with the most notable price increases were Richmond and Burnaby. In Richmond, year-over-year price increases crossed the 20 per cent threshold across all housing types, leaving the city with an average home price of $868,105. Burnaby saw an 18.4 per cent increase to $832,411.
Vancouver itself saw a whopping 28 per cent price increase for bungalows in the third quarter of 2015.
Conversely, West Vancouver is being described by the real estate agency as a “buyers market,” since the municipality only saw a 3.2 per cent increase in average home prices.
Surrey’s home price increases are largely being driven by buyers from China, according to the report. The demand can’t keep up with current inventory, resulting in 30 per cent fewer listings for bungalows and five per cent fewer listings for condominiums. Home prices rose eight per cent in the city to $619,554.