Royal LePage is out with its latest House Price Survey and Forecast, and it says Greater Vancouver continues to be a sellers’ market, led by significant demand for condominiums.
It says compared to a year ago, the aggregate price of a home in Greater Vancouver in the second quarter rose 2.6 per cent to $1.1-million.
That is a marked slowdown from the double-digit growth in 2016.
When broken down by housing type, the median price for a bungalow was up 5.3 per cent to $1.3-million, for a two-storey house it fell 0.5 per cent to $1.4-million, and for a condo the median price rose 12.4 per cent to $578,000.
“The Greater Vancouver real estate market defies all odds and expectations in 2017,” Randy Ryalls, general manager of Royal LePage Sterling Realty, said in a statement.
“Overall, it’s tough for first-time buyers to enter the real estate market and a lot of prospective purchasers are being priced out of the market through highly competitive, multiple-offer scenarios, particularly within the well-priced condominium segment that first-time homeowners typically favour.”
As for the rest of the year, Ryalls said, “We anticipate that Greater Vancouver will see home prices continue to increase for the remainder of the year as more buyers re-enter the market, with inventory shortages continuing to put upward pressure on prices.”