While the City of Vancouver continues to wrestle with the dubious distinction of being home to Canada’s most expensive real estate market, a new report from the Canadian Real Estate Association (CREA) has found that the issue extends beyond just the Lower Mainland.
According to the report, the entire province is now home to Canada’s fastest-rising home prices.
“Real estate prices are rising fastest in Fraser Valley, Vancouver Island, and Victoria. Fraser Valley’s 13.83% increase to $831,300 makes it the fastest growing prices in the country,” the report said. “Fraser Valley’s 13.83% increase to $831,300 makes it the fastest growing prices in the country.”
In fact, when compared with other regions in BC, Vancouver landed in fifth place when it comes to increasing home prices.
In fact, it was the Fraser Valley region that topped the list with a 13.83% increase to an average home price of $831,000.
Over on Vancouver Island, Victoria saw its benchmark home price rise to $672,800 – an increase of 8.24% over the same time last year.
In light of these latest numbers, a recent poll found that the majority of Metro Vancouverites said they want to see prices in the region fall, however, residents are divided over how much of a price decrease they want to see.
One-in-four (26%) say prices should fall by 10%, while 36% would like to see a decline of closer to 30%.
The majority of residents surveyed (83%) say the region as a whole has been “damaged” by high real estate prices.