Categories: Vancouver Real Estate

Metro Vancouver real estate prices up 7.5 per cent year over year: report

Benchmark home prices in Metro Vancouver have increased 7.5 per cent 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.

However, since reaching a peak in June of $630,921, the benchmark price — that of a typical home — for all residential properties in the region has declined 1.3 per cent.

The report also said that sales of detached properties in October reached 974, about the same as October 2010.

As well, new listings for all properties totalled 4,374 in October, an 18.3-per-cent increase compared to October 2010, when 3,698 properties were listed for sale, and a 23-per-cent decrease compared to the 5,680 new listings in September 2011.

The total number of properties listed for sale now sits at 15,377, 9.3 per cent higher than the 14,075 properties listed for sale during the same period last year.

Meanwhile, the benchmark price of a single family detached home in the Fraser Valley in October was $530,335, an increase of 4.9 per cent compared to $505,759 in October 2010 and on par with the price in September, according to the Fraser Valley Real Estate Board.

Source: The Vancouver Sun

Chris Stepchuk

Recent Posts

Property Management has very little to do with actually managing properties!

This may seem completely counterintuitive, but the reality for most property managers and strata agents…

5 days ago

Can the strata ban election signs?

It's Federal election time here in Canada, and we see Liberal, Conservative, and NDP signs…

2 weeks ago

Will AI replace my strata manager?

This is something that we’ve been thinking about A LOT lately! AI is everywhere right…

3 weeks ago

How does Strata Earthquake insurance work?

All strata insurance policies, at least every single one that I have ever seen, has…

4 weeks ago

What to know about Strata Council hearings

When an owner requests an official hearing from Strata Council, there is no need to…

1 month ago

How can Strata Managers keep track of everything???

Being a Strata Agent can be a VERY demanding job. Dealing with 10-20 buildings who…

1 month ago