Boom! Vancouver’s house prices hit new record

The average price of a detached single-family house in metro Vancouver has reached a new milestone: $1.1 million.

The Real Estate Board of Greater Vancouver data shows sales of detached houses in May reached 1,723, an increase of 18.6 per cent from a year earlier.

Apartment sales were up 24.4 per cent from a year ago. Across all housing types sales were up by 23.4 per cent from a year ago to 4,056 units, however sales were 2.9 per cent lower than in April this year.

“We continue to see strong competition for homes that are priced right for today’s market,” said Darcy McLeod, president of the REBGV. “It’s important to remember that real estate is hyper local, particularly in a seller’s market. This means that conditions and prices vary depending on property type, neighbourhood, and other factors."

Although sales are lower, so is inventory with new listings down five per cent on a year ago. All MLS listings were down 23.2 per cent on a year ago and 0.8 per cent from April. There were 12,336 homes listed in May.

Benchmark prices in Vancouver are: $684,400 for all homes (up 9.4 per cent from a year ago); $1,104,900 for detached houses (up 18.6 per cent); $396,900 for apartments (up 4.8 per cent); and $501,000 for attached units (up 6.4 per cent). 

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