The average price for detached bungalows increased 4.0 per cent year-over-year to $1,041,300 in Vancouver, while two-storey homes increased 3.3 per cent to $1,139,050, and condos rose 2.3 per cent to $492,500.
According to brokers in the region, the number of homes changing hands surged in the latter part of the year.
“The last half of 2012 and first half of 2013 were quite slow, but the market is now gaining momentum, most likely due to confidence in the marketplace and in the value of the real estate, as well as pent-up demand,” said Royal LePage broker Chris Simmons.
Looking ahead, Royal LePage predicts home prices in Vancouver will rise by 4.4 per cent in 2014. (Tweet this)
Simmons suggests that some single-family houses in certain areas of Vancouver will see above average price appreciation because there is still a lot of demand and limited supply.
“Condo and townhouse prices will not appreciate as much because there’s a good amount of supply and a steady stream of new units appearing on the market,” he added.
The Royal LePage report also looks at the national picture, which you can read about by clicking here.