News
Vancouver Sees 13% Year-Over-Year Jump in Home Prices
July 20, 2015
Feverish demand and tight supply drove the average price of a standard two-storey home in Vancouver to $1.36M last quarter, a dizzying 13.6% year-over-year increase, while the price of a bungalow shot up 12.6% versus 2014, to $1.24M. Vancouver is a highly sought after destination with a "very limited supply" of properties, noted Royal LePage Northshore broker Bill Binnie, “which puts the market firmly in the hands of the sellers.” Condos saw a 6% increase in average price to $521,425. Royal LePage forecasts average home prices for the full year will increase 9.4% compared to 2014 across all housing categories.
