Canada’s Greater Vancouver area is enjoying -- or not enjoying -- an average price of $1m for detached home, statistics from the Real Estate Board of Greater Vancouver show.
The rate for homes in Greater Vancouver, Burnaby North, Burnaby South, North Vancouver and Richmond saw an 8.1% increase from last year and over 27% jump compared to the last five years.
The total number of sales, from apartment and condos to houses, reached 33,116 – a 16.1% rise from 28,524 sales in 2013.
Meanwhile, the composite benchmark price for all residential properties in Metro Vancouver stayed at $638,500. West Vancouver’s composite price is $1.6m.
“Detached homes in Metro Vancouver have increased 8.1% in value over the last 12 months while townhome and condominium properties have increased 4.5% and 3.5% over the same period,” Ray Harris, president of the REBGV, said in a news release.
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