Vancouver house prices were up significantly in the first quarter of 2015 compared to the same period the previous year.
According to a new report from Royal LePage, the average price for detached bungalows and two-storey homes both saw double digit growth, soaring 10.6 per cent to $1,174,509 and 10.3 per cent to $1,267,287, respectively. Over the same timeframe, the condo market saw moderate price appreciation, jumping 4.9 per cent to an average price of $506,624.
The real estate group attributes the price growth to a scarcity of product and high demand to live in the area.
“We have seen prices for single family homes jump as much as 40 per cent year-over-year in some areas,” Royal LePage manager Chris Simmons stated in a release, adding that sales for detached homes were up more than 50 per cent compared to 2014.
The condo market also saw a significant amount of activity, Royal LePage said, but prices did not rise as starkly as supply is less constrained than it is for detached properties.
Vancouver price gains bucked the national trend. Overall, Royal LePage describes Canada’s housing market as being in the midst of a soft landing.