Typically, the end of the year brings a slight decline in most major real estate markets. Although growth may have slowed somewhat, across most of the Greater Vancouver area the price of a single detached home has continued to climb. Throughout the area, the benchmark price for a Vancouver single family home in November 2015 was $1,226,300. This marks a 22.6% increase when compared to November 2014, and a 2.4% increase over October this year.
Condo Prices on the Rise, but Suburbs Staying Affordable
Across the Greater Vancouver area, condos have trended upward in price, following right behind single detached dwellings. However, condominiums remain a great deal more affordable than detached homes, and offer opportunities for home buyers in a much wider range of income brackets to get into the Vancouver housing market. The benchmark price across the city came in at $435,000 this November.
Despite generally climbing prices, there are several suburbs where prices remain under the $400,000 mark. Even with prices in New Westminster going up 13.3% compared to last November, the benchmark price has landed at $314,000. Burnaby North, North Vancouver, and Port Moody are some other options for those shopping for a more affordable home, as all three communities have apartments at less than $400,000.
Vancouver West Remains the Center of Activity with 458 Apartment Sales
Vancouver West, as always, remains the focal point of real estate activity in the city. While the intense activity and desirability of the location makes it a competitive and expensive market to get into, for many, the allure of living in the heart of the country’s largest western city is worth every penny.
458 apartment sales last month made West Vancouver by far the most active real estate zone in the city. On top of those already impressive figures, 165 detached homes, and another 68 attached homes sold. The benchmark price in November was $750,200, a 19.5% year-over-year increase in price. When it comes to single-family detached homes, no other area that falls under the umbrella of Greater Vancouver has more expensive properties to choose from. The current benchmark is $2,519,200, more than twice the benchmark price for the city as a whole.