houses in West Vancouver
, where the average cost of a home rose 3.8 per cent to $1.67 million in December, is already having an impact on the value of surrounding areas.
According to new figures from the Real Estate Board of Greater Vancouver, North Vancouver
, to the east, realized a 6.9 per cent increase in house prices, to $692,100 in December, while Bowen Island
, off the western coast, of West Vancouver
saw house prices rise 5.3 per cent to $589,500 in December.
“The pricing of Lower Mainland real estate is really skewed just by the numbers coming out of the West, which is driving up the prices in East Vancouver and Burnaby
and the whole Mainland,” Todd Shyiak, the vice president of franchise sales and development for Century 21, told CREW
's sister publication, REP
. “The further out you get, the more reasonable prices are. I think it’s certainly going to affect the prices in those outlying areas.”
The average house price rose 6.3 per cent in Burnaby South
, to $606,900, 6.9 per cent in Vancouver East
, to $661,300, and 7.8 per cent in Vancouver West
, to $868,300.
While moderately priced homes can still be found in the Vancouver area
– particularly in the outlying regions of the Lower Mainland – Shyiak said continued foreign investment will impact the market, driving prices even higher.
“[Foreign ownership] is a major factor in the prices being driven up, specifically in those areas,” he says. “The people who can afford very expensive homes want to live in specific neighbourhoods and they’re willing to pay those prices.”
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The high prices of