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Vancouver Home Prices Up 7.5 Percent Compared To Last Year: Report

November 7, 2011

Filed under: Real Estate Market,Vancouver — Richard Morrison @ 1:23 pm
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House prices as a reference in Metro vancouver increased 7.5 percent to $622,955 in October 2011 from $579,349 in October 2010, according to the latest monthly report from the real estate Board of Greater vancouver.

But since it peaked in June $630,921, the reference price – namely, a typical house – all residential properties in the region declined 1.3 percent.

The report also indicates that sales of single-family homes in October reached 974, about the same as in October 2010.

In addition, new listings of all properties reached in October 4374, an increase of 18.3 percent compared with October 2010, when 3698 properties were offered for sale, and a decrease of 23 percent compared with the 5680 new listings in September 2011.

The total number of properties listed for sale now sit at 15,377, 9.3 percent higher than 14,075 properties for sale in the same period last year.

Meanwhile, the benchmark price for detached single-family homes in the fraser Valley in October was $530,335, an increase of 4.9 percent from $505,759 in October 2010 and on an equal footing with the price in September, according to the fraser Valley real estate Board.

Source: Brian Morton, vancouver Sun

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