Photo: Alfred Hermida/Flickr
Two of the three housing segments in Vancouver saw year-over-year price growth in the third quarter of 2014. According to Royal LePage’s quarterly house price survey, detached bungalows saw the largest year-over-year price increase, climbing 6.1 per cent to $1,135,009. The average price for standard two-storey homes saw an increase of 5.6 per cent to $1,220,909 while condo prices declined 0.2 per cent to $502,869.
“Prices are continuing to rise in Vancouver, particularly for detached single-family homes,” said Vancouver-area Royal LePage broker Bill Binnie. “The real estate market is still playing catch-up after a year-long period where the number of homes sold was significantly below the historical average and price growth slowed. There is still some pent-up demand in the current market, which explains the increase in average prices we’ve seen this quarter.”
Binnie also noted that market activity was quite strong across the board, and that third quarter results outpaced the second quarter, which is typically the busiest period of the year.
“Often we see a summer slowdown in the Vancouver real estate market, but this year that just was not the case,” he said, adding that Canada’s low interest rates continue to be a big factor in the local market.
Vancouver’s 6.1 per cent price increase for detached bungalows mirrored the national average, while the 5.6 per cent uptick for two-storey homes was 0.1 per cent above the Canada-wide figure. The 0.2 per cent price dip for the condo market, however, was in stark contrast to the 4.4 per cent national price increase.
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