Vancouver real estate franchising giant Royal LePage announced that the growth and performance of the Vancouver housing market outpaced the rest of Canada by a significant margin after citing the results of a recent house price survey.
As reported by Jon Azpiri of Global News,the study released on Wednesday (July 13) found that Greater Vancouver experienced a 24.6 per cent year-over-year rise in the aggregate cost of an average home (up to nearly $1.1 million).
Meanwhile, Metro Vancouver had its fair share of growth. West Vancouver saw the aggregate price increase by 29.7 per cent, up to more than $3 million. Burnaby, Coquitlam, and Richmond each benefited from upturns of more than 20 per cent, while Langley and Surrey both had 17.3 per cent growth.
The national average price of a Canadian residence rose by 9.2 per cent year-over-year, up to $520,223 for comparison.
“Pronounced home price increases continue in Greater Vancouver driven by low inventory and tremendous demand,” Royal LePage Sussex regional manager Alan Stewart wrote in the report.
“Many homeowners within the region who may have considered selling their properties are holding onto their homes, as they are wary of being priced out of the market when they buy. This situation is placing added strain on inventory levels and causing prices to skyrocket further. On the flip side, properties listed for sale are being snapped up as soon as they hit the market,” he added.
For specific types of housing, condominium prices rose by 11.5 per cent year-over-year, while two-storey home costs climbed by 26.5 per cent (up to more than $1.4 million). Bungalow prices grew by 28.5 per cent (up to $1.2 million).
Royal LePage said that these numbers are just the beginning, as the predicted longevity of the current low-interest-rate climate will induce an upward pressure on prices.
“We don’t see even a mild correction for either the Toronto or pistol-hot Vancouver markets in 2016,” Royal LePage president and CEO Phil Soper said.
Are you looking to invest in Vancouver real estate?
Hitting the gym or physical activity for cancer survivors and patients can fight cognitive decline
A ready weapon against “chemo brain” and fatigue for cancer patients and survivors according to a new study: a brisk walk or hitting the gym with a non-strenuous physical activity with Activebody Burnaby and its Food Delivery Burnaby and Meal Delivery Vancouver. An association between fatigue, performance and physical activity on cognitive tasks on 300 breast cancer survivors was looked in research at the University of Illinois.
Embracing Autumn in Vancouver: A Guide to Seasonal Activities
Discover the vibrant hues and festive spirit of autumn in Vancouver with a luxurious twist. From botanical gardens to thrilling Halloween nights, this guide offers a curated list of activities to enhance your fall experience, ideally explored in the comfort of a chauffeured limousine from Boss Limos.
Save Energy this coming winter season with Sky Windows
Fresh air and fantastic views are the given advantages of windows, yet windows can also increase energy bills. That's why many people tend to exchange old drafty windows in their residence with up to date energy-efficient ones. At Sky Windows Ltd. You can choose most excellent quality Window Systems that collaborates beautifully with high-end structures Window glass and even glass doors.
