If you were in any doubt about whether you could afford to buy a home in Vancouver, doubt no more – the latest figures are in, and they’re as astronomical as you’d expect.
On Thursday, the Real Estate Board of Greater Vancouver released new benchmark prices representing the cost of a typical property within the Metro Vancouver market.
They show the MLS® Home Price Index composite benchmark price for all homes in Metro Vancouver is currently $889,100, up almost 30% since this time last year. The benchmark price for detached homes is $1,513,800, up 36.9% from May last year and the benchmark price for an apartment is $485,000, up 22.3% from this time last year.
Meanwhile, according to the B.C. Real Estate Association, the average MLS® sale price of a home in Greater Vancouver in May was $1,125,000, up from $902,801 this time last year.
And that figure is forecast to rise to $1,170,000 by May 2017.
Overall in B.C., the average MLS® residential price is forecast to increase to $766,600 this year and to $792,800 in 2017.