Want to buy a home in Metro Vancouver? It’s not just Vancouver you’ll have trouble with. Skyrocketing home prices in the city have now sent prices soaring everywhere in the region.
According to Royal LePage’s Q1 House Price Survey, every market in Metro Vancouver has seen double-digit growth in home prices compared to the first quarter of last year.
That is, with the exception of Burnaby, which only saw single-digit growth.
Home prices in Metro Vancouver
Here’s the full rundown of aggregate home prices, from the most expensive to the least:
- West Vancouver – $3,306,286, up 11.7%
- Vancouver – $1,412,527, up 10.1%
- North Vancouver – $1,387,141, up 18.9%
- Richmond – $1,069,218, up 13.4%
- Burnaby – $992,837, up 8.8%
- Coquitlam – $949,498, up 10.2%
- Langley – $794,213 , up 21.2%
- Surrey – $763,806, up 15.4%
According to Randy Ryalls, general manager of Royal LePage Sterling Realty, while the housing market has cooled slightly due to lack of supply, that may not last.
“We are starting to see signs of a quicker-than-anticipated rebound in many regions across
Greater Vancouver,” said Ryalls in a release.
“If the number of listings remains critically low during the spring market, we could very well see another round of significant price appreciation, as prospective homeowners continue to snap out of a policy-induced lull and rush back into the market.”
‘Pent up demand unleashed’
Ryalls said government action, like the province’s foreign buyers property tax and Vancouver’s empty homes tax, may not be helping.
“The problem with government intervention in a cyclical free market like housing is that it
increases the potential for market volatility, sending prices down and sharply back up again,” said Ryalls.
“As the spring market approaches we may see months of pent-up demand unleashed on the market, intensifying house price appreciation to pre-intervention levels.”
If you’re looking for the most affordable spot to buy a home though, you might want to try buying a condo in Surrey. At $270,871, that sounds like a bargain to us.