Greater Vancouver posted a 24.6 per cent year-over-year aggregate home price increase in the second quarter of 2016 to a median price of $1,098,599, according to the Royal LePage House Price Survey released today. Nationally, the aggregate price of a home in Canada increased 9.2 per cent year-over-year to $520,223, the highest national year-over-year gain seen in five years.
“Pronounced home price increases continue in Greater Vancouver driven by low inventory and tremendous demand,” said Alan Stewart, a REALTOR® with Royal LePage Sussex. “Many homeowners within the region who may have considered selling their properties are holding onto their homes, as they are wary of being priced out of the market when they buy.”
All property types saw significant gains, with the median prices of bungalows and two-storey homes in Greater Vancouver increasing by 28.5 per cent and 26.5 per cent year-over-year, respectively, to $1,179,130 and $1,446,700. Condominium prices increased 11.5 per cent year-over-year to $502,531.
“The quest for affordability in Vancouver seems to be influencing consumer housing type choices,” said Phil Soper, president and chief executive officer, Royal LePage. “We have seen an uptick in the rate of price appreciation for condominiums over 1,000 square feet when compared to smaller units in this market. This may indicate that families being priced out of the single-family detached home market in Vancouver are looking upwards to condominiums.”
The Teranet – National Bank House Price Index, also released today, showed similar numbers for Vancouver, with price increases of more than two per cent monthly since February bringing the year-over-year increase for June to 23.4 per cent, the highest on record. Nationally, the Composite House Price index was up 10 per cent from a year earlier, the largest 12-month advance in six years.