Royal LePage has released its latest housing survey results for July, August, and September.
The report itself sounds similar to what people have been hearing for months.
He says condo prices in Metro Vancouver are up 17.6% year-over-year, with the average condo price now approximately $620,000.
“People might just take the opportunity to get into a little bit bigger house if they are moving from a condo or a townhouse and starting a family. They might actually have a chance to do that now.”
He says the price gap between condos and detached homes has shrunk by roughly $110,000 and is good news for those who want to upgrade.
“Very expensive single-family homes are correcting a little bit in terms of price. If you look at West Vancouver its off about 10% from $3.8 million to $3.4 million.”
The average price of a detached home in Greater Vancouver is just over $1.5 million.
Ryalls says roughly 15,000 listings are needed to balance the market, and there are currently around 9,000.