July 13, 2017 7:59 am
Updated: July 13, 2017 8:02 am

Greater Vancouver housing market continues to defy expectations: Royal LePage

New figures from the Royal LePage Housing Price Survey show that London's market is continuing to heat up.

THE CANADIAN PRESS/Jonathan Hayward
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Royal LePage is out with its latest House Price Survey and Forecast, and it says Greater Vancouver continues to be a sellers’ market, led by significant demand for condominiums.

It says compared to a year ago, the aggregate price of a home in Greater Vancouver in the second quarter rose 2.6 per cent to $1.1-million.

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That is a marked slowdown from the double-digit growth in 2016.

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When broken down by housing type, the median price for a bungalow was up 5.3 per cent to $1.3-million, for a two-storey house it fell 0.5 per cent to $1.4-million, and for a condo the median price rose 12.4 per cent to $578,000.

“The Greater Vancouver real estate market defies all odds and expectations in 2017,” Randy Ryalls, general manager of Royal LePage Sterling Realty, said in a statement.

“Overall, it’s tough for first-time buyers to enter the real estate market and a lot of prospective purchasers are being priced out of the market through highly competitive, multiple-offer scenarios, particularly within the well-priced condominium segment that first-time homeowners typically favour.”

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As for the rest of the year, Ryalls said, “We anticipate that Greater Vancouver will see home prices continue to increase for the remainder of the year as more buyers re-enter the market, with inventory shortages continuing to put upward pressure on prices.”

© 2017 Global News, a division of Corus Entertainment Inc.

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