Average Vancouver home price jumps to $1.1 million
Posted July 10, 2012 8:02 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – The housing market may be slowing, but that hasn’t stopped the average price of a house in Vancouver from jumping to $1.1 million.
The latest Royal LePage House Price Survey and Market Survey Forecast shows year-over-year, the prices of detached bungalows and two-storey homes are up about six per cent in the city. Standard condos jumped 1.6 per cent to $507,000.
But Royal LePage points out most of the increases came late last year and early this year and, through the second quarter, the housing market has showed signs of slowing.
With tougher mortgage rules that took effect yesterday, Royal LePage predicts the Vancouver market will keep on cooling with a 6.5 per cent drop in house prices overall in 2012.
Chris Simmons, broker and owner of Royal LePage Westside & City Centre, says demand in East Vancouver, as well as the overall lower-end of the market, is still vibrant.
“The lower-end of the market is still being fueled by low interest rates,” notes Simmons. “We do expect overall house prices to cool in the second half of the year. This will provide some relief and an opportunity for buyers who last year thought home ownership was completely out-of-reach.”
Simmons adds the number of homes on the market is up about 25 per cent.
“Our current level of inventory is offering buyers a lot of choice,” believes Simmons. “It’s a great time for negotiating.”
