The latest Royal LePage House Price Survey found that the detached bungalow segment broke the $1-million mark on a year-over-year basis last March, shooting up by a staggering 26 per cent.
“This is completely unprecedented,” Regional Manager Alan Stewart told News Talk 980 CKNW
“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,” he explained.
Additionally, the report noted that 2-storey properties grew by 24 per cent to $1.4 million, while prices for condo units increased by 9.5 per cent to a $487,000 average. An influx of Albertans to B.C. is projected to further inflame the latter’s housing market, as well.
Canada’s red-hot metropolitan areas remain sellers’ markets, Stewart said.
“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,” according to the Royal LePage manager.
“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,” Stewart concluded.
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Long recognized as Canada’s most active real estate market, Vancouver is no stranger to setting industry milestones on a regular basis, and the findings of a recent study revealed that it has broken another record: prices of detached bungalows.