Vancouver’s housing market continues to remain at the centre of conversation as new numbers were released from the Canadian Real Estate Association, reassuring the market soared to new heights of unaffordability.
According to the report’s National Average Price Map, the average price of a home in Vancouver rose $827,558 in January 2015 to $1,083,177 in January 2016 – a nearly 31 per cent rise in a matter of 12 months.
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Overall sales across British Columbia rose from $593,155 to $752,906, a 26.9 per cent increase.
Compared to the national average, which increased by 17 per cent, Vancouver and British Columbia alone have blown the housing market wide open.
The agency adds that Greater Vancouver and Toronto contributed the largest gains across Canada, but the national still average sits at $470,297, which is $612,880 lower than the average in Vancouver.