VANCOUVER – The benchmark price of a detached property in Metro Vancouver soared to $1,513,800 in May, up a whopping 36.9 per cent in a year, according to new figures released by the Real Estate Board of Greater Vancouver.
Prices of town-homes weren’t far behind – the average price reaching $632,400 in Greater Vancouver, up 24.9 per cent since May 2015, reported CTV News.
Apartments in Greater Vancouver saw a 22.3 per cent price increase in the past 12 months, according to REBGV figures, with the average unit now costing $485,000.
On Wednesday, the Organization for Economic Co-operation and Development said Canada needs to take action immediately to reduce the risk associated with soaring home prices, particularly in Toronto and Vancouver.
The agency said Canada’s economy could be threatened if a price correction hit the country’s two hottest housing markets, which make up one-third of the total market.
REBGV president Dan Morrison says it’s still very much a sellers’ market in Vancouver.
“Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today,” Morrison said in a news release.
Sales of residential properties in the region were 35 per cent higher than the 10-year average, and rank as the highest sales total on record for May.
