In many respects, 2014 “was a typical year for the Metro Vancouver housing market,” says the region’s real estate board. Overall home sames ranked fifth when compared against the past 10 years of activity, while home prices continued to increased.
According to the final 2014 data set from the Real Estate Board of Greater Vancouver, total sales of detached, attached and apartment properties reached 33,116 last year, a 16.1 per cent increase from the 28,524 sales recorded in 2013, and a 32.3 per cent increase over the 25,032 residential sales in 2012.
And here’s a look at the month-to-month sale trend across the region throughout 2014.
The benchmark price for all property types in the region ended 2014 at $638,500. This represents a 5.8 per cent increase compared to December 2013. “Detached homes continue to be the most sought after property type in our market,” said REBGV president Ray Harris.
Indeed, the benchmark price of a single-family home climbed 8.1 per cent year-over-year in December ($927,000 — $1,002,200).
While townhome and condo values increased 4.5 per cent ($456,100 — $476,800) and 3.5 per cent ($367,800 — $380,700) over the same period.
And what can we expect from Canada’s most expensive market in 2015? According to a recent forecast from Re/Max, the number of homes sold in the Vancouver region this year will remain largely the same as levels in 2014, while house prices will see an increase of around three per cent.
Across Vancouver, the realtor group says young families and equity downsizers will drive demand. Buyers who cannot afford detached homes on the West Side of Vancouver proper will take advantage of the relative affordability of townhouse living. Demand for West Side homes will continue to be driven by off-shore buyers who can afford to pay the two million dollar-plus price tag.