Home prices in Metro Vancouver continued their upward trajectory in October while sales exceeded historical levels, the Greater Vancouver Real Estate Board (REBGV) announced November 2.
Price gains in the past month were strongest for condominiums and townhomes, while single-family detached homes actually slipped in value.
Overall, the benchmark price for homes in Metro Vancouver is $1,042,300, which is 0.5% more than last month and12.4% more than in October, 2016.
Condominiums were the hottest real estate class for year-over-year price gains, with a 22.7% rise to a benchmark price of $642,000. Those homes were up in price by 1%, compared with September.
Townhomes increased in value 17.7%, during the past year, to a benchmark price of $802,400. Those homes were up 2% compared with September.
The lagging real estate class for price increases was the detached home, which, at $1,609,600, is the priciest. Those homes only increased in value by 4% year over year, according to the REBGV, and detached homes actually fell in value, by 0.5%, compared with September.
“Conditions continue to vary significantly based on property type,” said REBGV president Jill Oudil.
“The detached home market is well supplied with homes for sale, which is relieving pressure on prices. It remains a much different story in the townhouse and apartment markets. Buyers of these properties continue to have limited supply to choose from and are seeing upward pressure on prices.”
Home sales in the region exceeded typical historical levels in October with the majority concentrated in the townhouse and apartment markets.
Home sales across Metro Vancouver totalled 3,022 in October 2017. That is a 35.3% increase from the 2,233 sales recorded in October 2016, and an increase of 7.1% compared to September 2017, when 2,821 homes changed hands.