For those of you familiar with the Vancouver Real Estate Market, there is no surprise when I tell you that it has the most expensive Real Estate in Canada by far. A new report out shows that the average price of a detached home in Vancouver is now at 1.3 Million dollars. This is actually an increase of $140,000 dollars from the previous month. And an 11.5% jump in year over year terms, when the average price for a detached home was $1.2 Million Dollars.
There are many causes for the Vancouver Real Estate Price jump but the primary cause is due to the lack of available land for new housing. In addition the city serves as a gateway for wealthy offshore investors whom are looking to make a new home in Canada. These wealthy newcomers often drive the prices of new homes up to extraordinary levels, and this is especially the case in the Vancouver area.
The new data for the Vancouver Housing Market is as follows:
Detached properties have soared in value, rising to an average of $1,361,023 last month, an increase of $139,986, or 11.4 per cent higher than $1,221,037 a year earlier and smashing the previous high of $1,287,213 in January of this year.
In addition to the hike in prices for detached housing, the prices of condos as well as townhomes increased by an average of 3.2%. This means that even condos which are being built on mass in Vancouver are still not able to help tap down demand or ease supply of new real estate.
The board prefers to focus on the benchmark index price, which strips out the most expensive properties. On that measure, detached index prices reached $932,900 last month, up 3.5 per cent from February, 2013. On Vancouver’s West Side, the detached index price jumped 7.2 per cent to more than $2.14-million.
Over all, the index price hit $609,100 for Greater Vancouver detached houses, condos and townhomes sold on the Multiple Listing Service last month, or a hike of 3.2 per cent over the past year.