The average price of a home in Vancouver is now nearly triple the national average. Between the first quarter of 2010 and 2011, the average sale price of a two-storey home in Vancouver rose to a national high of 8.2% to reach $1.08 million.
That average sale price is 286% higher than the national average in the first quarter of $379,388, according to Royal LePage figures. Vancouver’s average for a two-storey home is more than eight times that of Moncton, N.B. – one of the more affordable options in Canada.
Detached bungalows also sold for nearly three times the national average. They rose to a national high of 8.2%,reaching an average sale price in the first quarter this year of $980,000. That’s 287% higher than the national average of $341,355.
Condominiums, which are in better supply, had a similar increase of 7.8%, reaching an average of $507,250. That was 213% higher than the national average of $237,919.
Many homes are still getting multiple offers in Vancouver.
Bill Binnie, broker and owner of Royal LePage North Shore, said a combination of low interest rates and international demand for Vancouver properties were behind much of the increases from last year.
“Demand from mainland Chinese buyers continues to be strong and impact the market,” he said. The Chinese buyers have been most active in the West Side of Vancouver, but their activity has significantly influenced the price data for the entire city.
The Royal LePage report said on Vancouver’s West Side, a standard two-storey home sold for an average of $1.5 million in the first quarter this year, up 11.1% from a year before. The average for the East Side was $765,000, up 7.7% from a year earlier.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate