The latest Royal Lepage House Price Survey and Market Survey Forecast is out, and it shows prices soared in Metro Vancouver in the second quarter – up more than 24% compared to a year ago.
In the city of Vancouver, the median price of bungalows and two-storey homes rose 33.1%, which the reports calls “astounding”.
to $1.1-million, it was up 26% for a two-storey home to $1.4-million, and was up 11% for condos to $502,000.
Price rises, year-over-year:
- City of Vancouver up 27.5%
- West Vancouver up 29%
- Richmond up 28%
- Burnaby up 23%
- Coquitlam up 22.9%
- Surrey and Langley both up 17%
Royal Lepage Sussex realtor Alan Stewart says many homeowners who may have been considering selling are sitting tight for now because they’re wary of being priced out of the market when they go to buy something else.
That, he says, has led to severely low inventory as demand continues to be robust, especially from foreign buyers who see Canada as an attractive investment option in part due to our comparatively low dollar.