Vancouver home prices continue to climb

Romesh Navaratnarajah3 Mar 2017


Demand for residential properties in Vancouver is pushing prices up. (Photo: Wikimedia Commons)

The Canadian city of Vancouver has seen home prices increase amidst surging sales of condominiums and townhouses, reported CBC News.

Latest data from the Greater Vancouver Real Estate Board (GVREB) showed that benchmark prices for condominiums saw the fastest rise of 2.7 percent to C$526,300 (S$555,810) since January.

Attached properties like townhouses also posted a 0.3 percent increase in prices to C$675,500 (S$713,371), while detached homes held firm at C$1.474 million (S$1.557 million).

The hike in prices come as residential sales jumped 59 percent from January. However, the increase is still 42 percent below the record registered in February last year during the peak of the real estate boom in the region.

Dan Morrison, President of the GVREB, also attributed rising prices to the lack of new listings in February. Last month’s number of new listings stood at 3,666, the lowest level recorded since 2003.

“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhouse markets,” said Morrison.


Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email


You may also like these articles

Prices of HK resale homes hit record high

Strong demand from investors and occupiers is continuing to push up property prices in Hong Kong, the most expensive housing market in the world. Resale home prices in Hong Kong have reached new re

Continue Reading27 Feb 2017

Chinese developers hold back project launches

With a slew of restrictions rolled out in China last year, developers are beginning to feel the heat. Developers in China have been delaying the launch of new home sales, in the hope that buyers wi

Continue Reading28 Feb 2017

Australia home prices hit new record in February

Australia’s major cities saw home prices jump 11.7 percent year-on-year in February, surpassing the previous peak registered in 2015 and the fastest pace in over six years. On a monthly basis, ho

Continue Reading2 Mar 2017