Despite what it calls “governmental attempts at cooling the Greater Vancouver market” in the latter half of 2016, BC’s economy has continued its strong performance, – particularly when it comes to the housing market – says a new National and Greater Vancouver Royal LePage House Price Survey.
While many people “expected outright year-over-year home price declines in light of the hasty implementation of governmental policy aimed at cooling the market last year, overall appreciation in the region has remained decidedly intact,” said Randy Ryalls, general manager, Royal LePage Sterling Realty.
“The market is back to facing a supply and demand gap, with buyers returning while inventory has tapered off, as sellers hold onto their properties until they’ve found an adequate alternative.”
According to the survey, the aggregate price of a home in Greater Vancouver rose 2.6 % year-over-year to an aggregate price of $1,181,309.
Prices surge in Langley
Overall, it was Langley that saw the highest year-over-year appreciation in Greater Vancouver during the second quarter of 2017, with the aggregate home price rising 12.3% to $791,721.
“The Greater Vancouver real estate market defied all odds and expectations in 2017,” said Ryalls.
“There were a number of factors that we expected to influence our market that have had little impact.”