According to the Real Estate Board of Greater Vancouver’s latest statistics, the average price of a single-family detached home in Metro Vancouver has reached $1-million, representing an increase of 8.1 per cent from December 2013.
Detached home prices are highest in Burnaby, North Vancouver, Port Moody, Richmond, West Vancouver and Vancouver, especially the Vancouver Westside area where the average stands at $2.325-million.
Apartment units remain significantly more affordable with a regional average price of $380,700 and a more modest 3.5 per cent price change since a year ago.
In terms of sales statistics, the real estate association reports that total sales of detached, attached and apartment properties in 2014 reached 33,116, which is an 16.1 per cent increase from the 28,524 sales recorded in 2013.
A total of 33,116 residential properties were sold in 2014, an increase of 16.1 per cent from the 28,524 sales recorded in 2013 and an increase of 32.3 per cent over the 25,032 sales in 2012.
With the number of residential properties listed for sale, the region experienced normal growth – a one-year increase of 2.4 per cent with 56,066 listings.
Last year’s regional home and listing totals rank fifth when compared against the past 10 years of activity.
Feature Image: Maurizio Mastronardi / Realtor.ca