The report said the average Greater Vancouver home sale price this year will be $1.08 million, which is 4.7 per cent higher than 2017’s average price of $1.03 million. BCREA added that it expected a continued slight rise of 2.3 per cent next year, to just over $1.1 million.
This average encompasses all property types and all areas of the region, and doesn’t take into account larger variables between different property types and neighbourhood sub-markets.
Prices are also on the rise in other North American cities as well, with there being a high demand for residnetial as well as commercial properties, and this push prices higher.
Now is a great time to start investing or to expand your real estate portfolio!