Home prices in Greater Vancouver still remain at more than double the national average and August saw prices increase further, the Canadian Real Estate Association (CREA) announced September 15, 2015.
The average home price in the region reached $899,694 in the month, an increase of 1.6% compared with $885,208 in July.
The Fraser Valley had an average home sale price of $571,523 in August, up 0.8% from $567,208 the prior month. In Victoria, prices jumped 3.4% to $533,677 from $516,101 in July.
Outside of Greater Vancouver, the highest average sale price was once again found in Greater Toronto. That city had a 0.8% increase, with the average sale price reaching $627,914 – a full 30% lower than in Greater Vancouver. Nationally, the average sale price increased 0.6% to $437,861.
“The big picture remains little changed in Canada’s housing market, with strong gains in Vancouver and Toronto contrasting with much softer or more balanced markets across almost the rest of the country,” said BMO chief economist Douglas Porter.
Year-over-year, prices increased in Greater Vancouver by 12.2% on a non-seasonally adjusted basis. In Greater Toronto, prices were up 10.3% over the year. Canada-wide, the average price increased 8.7% in the 12 months to August, driven by the strong sales in Vancouver and Toronto.
“[This information] reveals just how completely Toronto and Vancouver have separated from the pack – they are the only two cities to report double-digit price gains this year, with the median city notching a gain of just over 2% so far in 2015,” Porter said.
Canada-wide, the average price increased 8.7% in the 12 months to August, driven by the strong sales in Vancouver and Toronto.
“August marked the fourth month in a row for strong and stable national sales activity,” CREA president Pauline Aunger said.
“While home prices increased in British Columbia and in the Greater Toronto area, they have been holding fairly steady in many parts of the country for some time now.”
A total of 3,652 homes were sold in Greater Vancouver in August. This is up 0.3% compared with July.
Across the country, 45,069 homes were sold, representing a drop of 0.3%.
Except where otherwise indicated, all CREA data is seasonally adjusted. The information is compiled from select MLS systems from across Canada, including the British Columbia Real Estate Association.
The CREA figures differ from that released by Teranet yesterday because Teranet uses statistics compiled using a repeat sales methodology.
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