Home prices in Metro Vancouver are expected to rise again in 2018, as “exceptionally” low inventory pushes up cost, according to latest market forecast.
The survey found that the aggregate home price in Greater Vancouver increased 8.2 per cent to $1,267,769 in the three months leading up to December, compared with the same period last year.
The largest increase was in the median price of a condo, which surged 20.2 per cent during those months to $651,885. The increases were highest in North Vancouver (26.8 per cent) followed by Burnaby (25.1 per cent) Langley (23.4 per cent) Richmond (19.5 per cent) and Coquitlam (18.8 per cent.)
The cost of a bungalow in Metro Vancouver went up 5.3 per cent to $1,436,606, while a two-storey home increased 6.6 per cent to $1,586,991.
The survey found there was double-digit growth in the city of Vancouver, where prices rose 12 per cent to $1,480,712, and in Burnaby and Coquitlam, rising 10.3 per cent and 11.1 per cent year-over-year to $1,115,541 and $1,064,247, respectively.
Surrey’s aggregate home price also saw a double-digit increase in the fourth quarter, rising 10.7 per cent to $844,869.
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