Average Greater Vancouver home price now $998,700 (REPORT)

Greater Vancouver home prices are on the up again, and they don’t look to stop any time soon, according to the Canadian Real Estate Association.

A CREA report on June real estate sales across the country found home prices in Greater Vancouver are up 7.9% compared with the same month last year.

The report also revealed the MLS® Home Price Index composite benchmark price, representing the cost of a typical property in the region, is now $998,700.

Composite HPI benchmark price for different types of home in Greater Vancouver. Click to enlarge. (CREA)

“Benchmark home prices in the Lower Mainland of British Columbia have been recovering after having dipped in the second half of last year,” reads a release from the CREA.

“The trend appears poised to accelerate later this summer as price declines last year fade further in the rear view mirror.”

To put things further into perspective, the MLS® composite benchmark price in June in Greater Vancouver was up 57% compared with June three years ago.

The Canadian national average price continues to be pulled upward by sales in Greater Vancouver and Greater Toronto, Canada’s most expensive housing markets.

The CREA found the aggregate benchmark price of a home across Canada was up 15.8% in June compared to the same month last year.

Here’s a graph showing how that national increase compares to the price rise in Greater Vancouver since 2005.

Composite HPI benchmark price for Greater Vancouver compared with national average. Click to enlarge. (CREA)

Here’s hoping the CREA turn out to be mistaken about prices going up even faster in future… or maybe you’ll win the lottery.