Vancouver
The average price of a two-bedroom detached house in Vancouver is $1.5M, a three-bedroom house is $2.0M, a four-bedroom is $2.4M, a five-bedroom is $2.5M, and six-bedroom is $2.8M. The prices of town houses are a little less than that of detached houses. The price of a single-bedroom townhouse is $711K. The price of a two-bedroom townhouse is $1.2M, a three-bedroom townhouse is $1.5, and a four-bedroom is $1.6M. The prices of condos are even less than that of the townhouses. The price of a studio is $501K. The price of a single bedroom condo is $645K, a two-bedroom is $913K, and of three-bedroom is $1.4M.
The number of developments that are ongoing in Vancouver is 242. In these developments, there are eight single-family homes while the number of townhouses is 42. With 7284 units currently under construction, there are nine apartment developments and 183 condo development. For a low-rise home, the median price per square foot is $1146. Westbank is the most active developer in Vancouver.
This March the housing market of Vancouver has experienced a record-breaking home sale. The number of homes sold is 5708, which has risen the sales more than seventy percent over ten-year March averages and by 126 percent year over year. With an increase of 9 percent, the home prices have started to rise again in the Great Vancouver Area for all property types year over year to $1.12M. This increase in both the purchases and the new listings is because of the warmer weather, loosening restrictions, and rising mortgage rates. So, both buyers and sellers are responsible for this increase in inactivity. But there are expectations that the prices are going to increase in the great Vancouver area due to the continued decline in the inventory in the next few months. The activity in the home sales has broken new records throughout the Great Vancouver Area. There is a significant increase in the sales of all the property types. There is a 131 percent increase in the sale of detached homes, 112 percent in the sale of townhouses, and a 129 percent increase in the sale of condos.
Further growth in the real estate market is going to be difficult owing to the average price above $1.2M as compared to the cheaper real estate markets of Canada. This also includes Montreal’s housing market and Ottawa’s housing market. For all property types, Benchmark prices increased by 9% year-over-year to $1.12M. With an increase of 17 percent year over year the prices of detached homes have reached $1.70M. The prices of townhouses have increased to $872K which is a 10 percent increase year over year. Condo apartment prices increased to $715K by 4% year-over-year. The increase in the townhouses prices is half the increase of the detached homes. While the increase in the condo property prices remains stagnant in comparison to other properties.
