Real estate shock: Vancouver detached home benchmark price hits $1 million

“Detached homes in Metro Vancouver have increased 8.1 per cent in value over the last 12 months," says REBGV president.

Vancouver detached home benchmark price hits $1 million
Photo from pnwra via Flickr

It’s an all time high, as the benchmark price for detached properties in the city climbed to $1,002,200 last month.

The price jump is an 8.1 per cent increase since Dec. 2013, according to a news release from the Real Estate Board of Greater Vancouver (REBGV). At the end of 2013 the benchmark price for all residential properties in the region reached $638,500, a 5.8 per cent increase from the year before.

The price spike hasn’t dampened the property demand in the city though, particularly with single-family homes in the city. Sales of detached properties in December reached 833, an increase of 9.3 per cent from 2013.

“Detached homes continue to be the most sought after property type in our market,” said REBGV president Ray Harris in a statement. “Detached homes in Metro Vancouver have increased 8.1 per cent in value over the last 12 months while townhome and condominium properties have increased 4.5 and 3.5 per cent over the same period.”

Apartment property sales were up by 7.3 per cent last month compared to the previous year (3.5 per cent) to hit a benchmark of $380,700. Overall, with 33,116 sold, the board reported a 16 per cent spike in the total sales of both detached and attached properties and apartments in 2014.

“While home buyer and seller activity created balanced market conditions within the region,” said Harris, “we also experienced some upward pressure on home prices over the course of the year.”

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