Vancouver average house price jumps to $1.27 million

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Housing price increases have stabilized across much of Canada, except in two key markets in the country.

Royal Lepage released its latest House Price Survey today, noting that prices for a two-storey detached home in Vancouver have soared by 10.6 per cent over the last year to a price of $1,267,287. Bungalows also rose at a similar rate of 10.3 per cent, reaching an average of $1,174,509.

The city’s condominium prices rose at a slower pace, with an increase of 4.9 per cent or average price of $506,624.

Toronto also experienced slightly lower rates of growth in housing prices. Two-storey detached homes increased by 9.2 per cent to $803,794 and bungalows by 10.2 per cent to $655,669, but condominium price increases were higher than Vancouver’s at 7 per cent to $395,584.

This contrasts with the national average price increases of 5.3 per cent ($451,463) for two-storey detached homes, 6.6 per cent ($405,895) for bungalows and 3.8 per cent ($261,782) for condominiums.

Montreal saw a relatively flat market – it saw one-year price increases of under 1.5 per cent – while Calgary’s continuing economic troubles with low oil prices have curtailed the city’s housing price growth closer to the national average.

“Supply shortages in key parts of the Greater Toronto Area and Vancouver are driving up local prices in an intensified fashion, but these are the exception, not the rule,” said Phil Soper, president and chief executive, Royal LePage.

“The rest of the country is experiencing a much more subdued residential real estate climate. Even a closer look at surrounding areas of Vancouver reveals that mountain-steep appreciation rates are not a B.C.-wide phenomenon.”

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