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Vancouver home price growth not the fastest nationwide

 

by Ephraim Vecina30 Aug 2018

In its latest analysis using data from CREA, Better Dwelling arrived at a surprising result: Vancouver was not even in the top three markets in Canada that had the strongest price growth.

The study – which covered year-over-year figures up to July 2018 – reported that Vancouver exhibited only the fifth fastest growth rate nationwide in terms of home prices, at 6.68%.

The city still remained Canada’s most expensive housing market, however, with an average price of $1,087,500.

The other popularly acknowledged red-hot market, Toronto, had the third least affordable homes in the country at an average of $768,400 in July. This represented a slight 0.6% decline compared to the same time last year.

Read more: Vancouver wage levels aggravating housing woes

Three other markets in B.C. posted the fastest pace of home price growth nationwide last month.

Fraser Valley had the highest year-over-year increase at 13.83%, with an average home price of $831,300 that made it the second priciest across Canada.

Coming up second was Vancouver Island, which had a 13.75% increase (up to $489,800). Just behind was Victoria with 8.24% growth (up to $672,800).

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.