Average price of house in Vancouver reached $1.2 million in November

Homes across Metro Vancouver continued to rise in November to an unprecedented level.

The divide between the number of homes on the market and the average home price continues to grow, with November seeing 35% less listings this year than last. Meanwhile, there were 40% more sales over the same period.

The issue of supply and demand has caused prices to continue to rise, up 17.8% over the year to a benchmark price of $752,500 for all detached, attached and apartment properties.

[am2_see_also]

Even though the price of a detached home continues to outpace the realm of affordability, well past the $1 million mark, agents sold over 31% more properties this November than they did last year. The benchmark price for a detached home increased 22.6% year over year to $1,226,300 last month.

The benchmark price of an apartment or condominium increased 14% to $435,000. Attached units, like townhomes, rose to $536,600, an increase of 11.3%.

The largest increase in home prices over the last year was seen in Vancouver’s West Side where prices grew over 25% to an average of $2.1 million. Surprisingly, Tsawwassen wasn’t far behind with an increase of 23.8%.

Between October and November of this year, North Vancouver saw the biggest increase with a growth of 3.5% to $808,400.

During what is usually a sleepy month for real estate, November 2015 marked sales 46.2% above the 10-year average and ranked as the second highest November on record for real estate sales.

MLS Benchmark prices for November 2015

Detached property: $1,226,300

Apartment: $435,000

Attached property: $536,600

Image: Real Estate Board of Greater Vancouver