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Vancouver home sales and prices up

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VANCOUVER (NEWS1130) – Home sales and prices in the Vancouver area rose in May, as a surge at the high-end of the market overcame a drop in condo deals.

An industry group says total sales rose seven per cent from a year earlier and prices rose six per cent. Sales of detached homes shot 25 per cent higher last month and the average price climbed 10 per cent to $891,000.

But sales of apartment-style condos actually fell nine per cent as the adjusted average price rose two per cent to $407,000.

The Real Estate Board of Greater Vancouver says homes of at least a million dollars now account for one in five sales of all types. Three-quarters of the million-dollar properties are in Vancouver’s west side, West Vancouver, and Richmond.

The unadjusted selling price for detached houses last month was $1.2 million, which is 28 per cent higher than a year earlier and up $19,000 from April.

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