According to the Real Estate Board of Greater Vancouver, the average property price in Metro Vancouver last month rose 14 per cent from November 2016, with condominiums and attached properties making the biggest gains.
The board says condominiums saw the biggest jump in prices at $648,200. That’s up 23.9 per cent since last November and one per cent compared to October.
The composite benchmark price for a property rose to $1,046,900 last month – up 0.4 per cent compared to October, while the benchmark price for attached properties rose 17.9 per cent since last November and 0.3 per cent since October to $805,200.
The price for detached properties was $1,608,000, rising 6.1 per cent year-over-year, but falling 0.1 per cent since October.
President Jill Oudil said in a statement that there’s steady demand in the market, with homebuyer activity operating above the board’s long-term averages, especially in the condo and townhouse markets.
“While we’re seeing more listings enter the market today than we saw at this time last year, we have a long way to go before our home listing inventory rises back to more historically typical levels,” said Oudil in a release.
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Meanwhile, the Fraser Valley Real Estate Board is reporting over 1,700 home sales in November.
While that is almost 40 per cent more than the same month a year ago, it’s actually a three per cent fall from October.
But it is the second highest sales total for a November in the board’s history.
Strong demand for condos and townhouses led the way, representing more than half of all sales.
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Board president Gopal Sahota said the attached market feels like the detached market used to, with units moving fast and often with multiple offers.
It took 17 days to sell an apartment, 21 to sell a townhouse, and 31 to sell a detached home.
~With files from Gord Macdonald