It’s another survey that shows the whopping price increases of real estate in Metro Vancouver.
According to the latest Royal LePage House Price Survey, the housing market has shown massive growth in detached bungalows surging almost 26% year over year to more than $1 million.
It says 2 storey homes climbed almost 24% to $1.4 million and condos grew 9.5% in price to an average of $487,000.
“This is completely unprecedented,” says Regional Manager Allan Stewart says prices have surged even higher in Vancouver proper.
“32.9% is the number for the detached bungalow year over year change from last year and I think that is driven predominantly by developers looking for properties which are slated for redevelopment.”
Regional Manager Allan Stewart says local markets are skewed in favour of the seller, with a shortage of inventory and growing demand putting upward pressure on prices.
“The increases are all a direct result of virtually no product available. If you drive around the streets of Vancouver, North Vancouver, Burnaby, Coquitlam, West Vancouver you will either see a sold sign or no signs at all. In terms of for sale signs, anything that is priced remotely closed to reasonably is seeing multiple offers and so it is just a bit of a phonetic market.”
The survey also says due to the oil recession more Albertans are moving to BC, which is expected to put even more pressure on the housing market.
Click below to see a break down of home price growth by home type in Metro Vancouver
With files from Simon Little