Aggregate home price in the region now exceeds $1.26 million
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The latest Royal LePage House Price Survey showed that on the whole, home prices across Greater Vancouver appreciated in the fourth quarter of 2017.
Released last week, the results of the study noted that exceptionally low inventory along with an upward trend in demand fuelled the 8.2% year-over-year increase in Q4. This pushed the aggregate home price in the region up to $1,267,769 as of the end of December.
“While median detached home values trended upwards, realizing strong, but healthy single-digit gains, new OSFI measures caused condominium prices to surge, as the prospect of deteriorated purchasing power enticed many prospective homeowners back into the market to vie for relatively affordable property,” the report explained.
By housing type, condominiums shot up by 20.2% year-over-year, up to $651,885. Meanwhile, the median price of a bungalow grew by 5.3% year-over-year, up to $1,436,606. The median price of a two-storey home saw a 6.6% year-over-year increase, up to $1,586,991.
Read more: Vancouver has Canada’s priciest premium properties – study
“Home values have continued to strengthen across Greater Vancouver, particularly in the entry-level market where conditions have intensified even further, and competition for available property is stiff,” Royal LePage Sterling Realty general manager Randy Ryalls said. “The Greater Vancouver real estate market has been significantly impacted by low housing supply, with any change in inventory having the potential to influence pricing across the region… Until something is done to address current inventory levels, we will likely continue to see significant home price growth in Greater Vancouver's future, even if demand is reigned in.”
“With each passing day, purchasers are becoming more attuned to the new price environment and consumer confidence strengthens. After waiting for quite some time to see if home values would waver, many purchasers now believe that the region’s robust economy and chronically low inventory levels will likely insulate many segments from significant price declines,” Ryalls added.
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Released last week, the results of the study noted that exceptionally low inventory along with an upward trend in demand fuelled the 8.2% year-over-year increase in Q4. This pushed the aggregate home price in the region up to $1,267,769 as of the end of December.
“While median detached home values trended upwards, realizing strong, but healthy single-digit gains, new OSFI measures caused condominium prices to surge, as the prospect of deteriorated purchasing power enticed many prospective homeowners back into the market to vie for relatively affordable property,” the report explained.
By housing type, condominiums shot up by 20.2% year-over-year, up to $651,885. Meanwhile, the median price of a bungalow grew by 5.3% year-over-year, up to $1,436,606. The median price of a two-storey home saw a 6.6% year-over-year increase, up to $1,586,991.
Read more: Vancouver has Canada’s priciest premium properties – study
“Home values have continued to strengthen across Greater Vancouver, particularly in the entry-level market where conditions have intensified even further, and competition for available property is stiff,” Royal LePage Sterling Realty general manager Randy Ryalls said. “The Greater Vancouver real estate market has been significantly impacted by low housing supply, with any change in inventory having the potential to influence pricing across the region… Until something is done to address current inventory levels, we will likely continue to see significant home price growth in Greater Vancouver's future, even if demand is reigned in.”
“With each passing day, purchasers are becoming more attuned to the new price environment and consumer confidence strengthens. After waiting for quite some time to see if home values would waver, many purchasers now believe that the region’s robust economy and chronically low inventory levels will likely insulate many segments from significant price declines,” Ryalls added.
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Vancouver makes headway on empty homes tax
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