Photo: Jason Pier in DC/Flickr
Vancouver-area home prices were up across the board in the second quarter of the year compared to the same period in 2013.
According to Royal LePage, the average price for single-family homes showed strong price growth, with detached bungalows increasing 5.2 per cent year-over-year to $1,107,290 and standard two-storey homes increasing 4.6 per cent to $1,204,011. Meanwhile, the average condo price was largely flat, increasing 0.3 per cent year-over-year to $491,984.
“There is still strong demand for condos, but the supply is continuously growing, leading to a slower increase in price appreciation,” said Vancouver-based Royal LePage agent Chris Simmons.
Overall, the national brokerage says home buying demand is at its highest point in the past three years, while inventory is below the 10-year average.
“While there has been a steady supply of new housing being built over the last few years, the supply of listings has not increased markedly,” Simmons said.
Looking ahead, Royal LePage forecasts that home prices in Vancouver will rise by approximately 7.1 per cent in the remainder of 2014.
“The real estate environment is very stable right now, so the future of house prices depends a lot on interest rates. If the rates remain the same as they are currently, we can expect to see slow but steady price appreciation for the rest of the year,” added North Vancouver Royal LePage broker Bill Binnie.
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