In February, the average price of single-family home in Greater Vancouver hit an all-time high of $1.36 million. According to the latest data from the Real Estate Board of Greater Vancouver (REBGV), that’s an $139,986 increase, or 11.4 per cent higher than the February 2013 average of $1.22 million.
Of course the average price doesn’t always tell the whole story as a few very expensive home sales can skew the number. REBGV’s benchmark price ignores those transactions. For February, the benchmark price of single-family home was $932,900,l a 3.5 per cent increase from a year earlier.
Looking at all housing forms — detached properties, condos and townhouses — REBGV says 2,530 residential properties sold last month, up 40.8 per cent compared to the 1,797 sales recorded in February 2013, and a 43.8 per cent increase compared to the 1,760 sales in January 2014.
“Home buyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market,” REBGV president Sandra Wyant said. “We typically see home buyers become more active in and around the spring months.”
The condo market also saw big gains last month. There were 35.8 per cent more sales than a year earlier, and the benchmark price for the region increased by 3.6 per cent to $373,300.
More monthly highlights:
- The benchmark price for a detached home on Vancouver’s West Side is now $2,145,200, a 7.2% increase compared to the same month a year ago
- The benchmark price of a condo in East Burnaby jumped 10.4% from February 2013 to February 2014 and now sits at $408,100
- In Squamish, condo prices fell -13.0% year-over-year in February to $203,900
- The benchmark price of a Richmond townhouse reached $508,200 last month, a 4.0% increase from February 2o13
The complete statistics package and regional breakdown can be seen here.