Metro Vancouver real estate continues to climb to astronomical levels. A new report from the Real Estate Board of Metro Vancouver says the average cost of a detached home in the metro area has climbed to over $1.82 million.
Home sales in Metro Vancouver last month were 46% above the 10-year sales average, ranking it as the second highest January on record.
“Fundamental economics are driving today’s market. Home buyer demand is at near record heights and home seller supply is as low as we’ve seen in many years,” said REBGV president Darcy McLeod in a statement.
With fewer homes for sale and more demand than ever, prices will continue to be driven up. On the Multiple Listing Service in Metro Vancouver, there are currently 6,635 properties for sale, a 38.6% decline compared to January of 2015.
With that said, more detached homes are for sale now than at this time last year. In January of 2015, there were 781, and in January of 2016, there were 1,047.
More expensive parts of Metro Vancouver saw staunch increases as well. The average cost of a detached home in West Vancouver rose to $2.76 million – that’s a 131% rise since 2006.
Detached homes in places like Shaughnessy will run you even more. Single-family homes in Vancouver West will set you back an average of $2.9 million.