The real estate industry is a key economic driver in BC. Despite the preconceived notions of Vancouverites, the Greater Vancouver housing market is seeing demand for housing slightly outpace the supply. We continue to see incremental gains in home values, depending on the neighbourhood and property type. According to the Real Estate Board of Greater Vancouver (REBGV), residential property sales in the Greater Vancouver area has reached 3,061 in July alone, making it the fourth consecutive month that the Greater Vancouver market has exceeded 3,000 sales (McLeod, 2014). Prior to this upsurge in sales, the housing sales have not surpassed this sales mark since June 2011.
The MLS Home Price Index (HPI) measures home price trends and home price inflation/deflation in residential markets within territories of participating real estate boards in Canada (MLS, 2014). The HPI composite benchmark price for all residential properties in Metro Vancouver is presently at $628,000. For a single family detached unit, the benchmark price is sitting at $980,500. An overview of the property types and their benchmark price in their respective neighbourhood can be found here: MLS Home Price Index. Benchmarks represent a typical property within each market.
All in all, the housing market in the Greater Vancouver region has been steadily picking up and although supply is continually increasing, the demand for housing has slightly outpaced supply.
Below you will find the Residential Average Price in the Greater Vancouver region. As you can see, there has been quite some fluctuation over the past 4.5 years. Residential median prices in July 2014 are sitting at around $805,061.
Source: The Canadian Real Estate Association
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.