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Detached Homes Under $1M are Becoming Rare

Detached Houses for Under $1-million are Becoming Rare

 

In the first 6 months of 2015, 288 out of 2, 285 sales (12.6%) of detached houses were sold for under $1-million according to the Multiple Listing Service. In comparison, the first half of 2014 there were 543 out of 1,931 sales (28.1%) of detached houses for under $1-million.

 

Median Prices Compared to Last Year

 

The Real Estate Board of Greater Vancouver shows that the median price for detached homes in the east side has surged to $1.28-million last month—up 32.3% over July 2014. The median price for detached homes in the west side has jumped to $2.9-million—up 21.8% over last year. In Greater Vancouver, the median price for detached homes in the suburbs rose to $1.4-million—up 17.6% over last year.

 

HPI Benchmarks

 

Real estate board president Darcy McLeod attributes the sellers’ market to “strong consumer confidence, low interest rates and a reduced supply of homes for sale”. The board uses their Home Price Index (HPI) to represent the typical sale price for houses because it provides a better barometer than averages prices, which skew the picture because the most expensive properties are included. According the HPI, Vancouver’s east side reached $1.12-million—up 19.9% over last July, the west side hit $2.65-million—up 16.6%, and Great Vancouver’s detached homes reached a record high of $1.14-million last month—up 16.2% over last year.

 

Purchasers Must Consider a Range of Options

 

However, there are still lots of options in condos and townhouses or in the suburbs. In the east side there is still a range of condo and townhouse options under $1-million. There has been an increase in transaction for all types of properties. Greater Vancouver saw 3,978 sales last month—up 30% from last year. The Fraser Valley HPI rose to $621,100—up 9.3% over last year. Fraser Valley Board president Jorda Maisey states, “We have amongst the most affordable homes in the region”.

 
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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.

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