The study released on Wednesday (July 13) found that Greater Vancouver experienced a 24.6 per cent year-over-year rise in the aggregate cost of an average home (up to nearly $1.1 million), as reported by Jon Azpiri of Global News
Meanwhile, Metro Vancouver had its fair share of growth. West Vancouver saw the aggregate price increase by 29.7 per cent, up to more than $3 million. Burnaby, Coquitlam, and Richmond each benefited from upturns of more than 20 per cent, while Langley and Surrey both had 17.3 per cent growth.
To compare, the national average price of a Canadian residence rose by 9.2 per cent year-over-year, up to $520,223.
“Pronounced home price increases continue in Greater Vancouver driven by low inventory and tremendous demand,” Royal LePage Sussex regional manager Alan Stewart wrote in the report.
“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. This situation is placing added strain on inventory levels and causing prices to skyrocket further. On the flip side, properties listed for sale are being snapped up as soon as they hit the market,” he added.
For specific types of housing, condominium prices rose by 11.5 per cent year-over-year, while two-storey home costs climbed by 26.5 per cent (up to more than $1.4 million). Bungalow prices grew by 28.5 per cent (up to $1.2 million).
Royal LePage said that these numbers are just the beginning, as the predicted longevity of the current low-interest-rate climate will induce an upward pressure on prices.
“We don’t see even a mild correction for either the Toronto or pistol-hot Vancouver markets in 2016,” Royal LePage president and CEO Phil Soper said.
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Citing the results of a recent house price survey, real estate franchising giant Royal LePage announced that the growth and performance of the Vancouver housing market outpaced the rest of Canada by a significant margin.