Greater Vancouver Detached Prices Are Rising, While Condos Are Falling
The price of a typical home across Greater Vancouver is up from last year. REBGV’s composite benchmark price reached $1,044,000 in November, down 0.1% from the month before. Compared to the same month last year, this represents a 5.8% increase. Prices dropped $1,100 from the previous month, but are still higher than last year. REBGV also notes prices for the composite are still down -0.1% from three years ago. There is a highly unusual trend of divergence between segments though. Let’s break them down so you can see what’s happening.
Greater Vancouver Detached Prices Increased $15,100 Last Month
Greater Vancouver’s detached home prices represented all of the monthly gains. The detached benchmark reached $1,538,900 in November, up 1.0% from the month before. This represents an increase of 9.4%, when compared to the same month last year. In dollar amounts, that monthly increase is a whopping $15,100 higher – huge by pretty much any standard. REBGV data shows detached prices are still down 2.8% from 3 years ago, but this is largely due to Vancouver West’s substantial declines. Generally, like other markets around Canada, the detached segment is seeing much higher than usual activity.