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Average price of B.C. home up 18 per cent!

Average price of B.C. home up 18 per cent

The average price of a home in B.C. was up 18 per cent in February compared to the same month last year, according to the B.C. Real Estate Association. The price surge was largely due to sales in Metro Vancouver, the BCREA said in a survey, with the average residential price climbing 19.4 per cent, compared to February 2010, to $791,000 from $663,000.

"The surge in consumer demand in Metro Vancouver continues to propel the provincial statistics higher," Cameron Muir, BCREA chief economist, said in a news release issued Monday. "Elevated sales activity in Vancouver's pricier communities has pushed average home prices higher than market conditions would suggest."

According to the report, prices dropped in interior markets including the Okanagan Mainline, where the average price fell 6.2 per cent over the year from $373,000 to $360,000. In the South Okanagan, prices fell 9.4 per cent, from $312,000 to $283,000, and in Kootenay by 11.8 per cent, from $263,000 to $232,000.

The steepest drop was in Powell River, where prices fell 20.7 per cent over the year, from $248,000 to $196,000.

bmorton@vancouversun.com

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.