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Vancouver home prices continue to rise

VANCOUVER (NEWS1130) – Vancouver-area home prices continued to rise in September, but there’s moderation in the most affordable type of housing.

The adjusted average price for an apartment-style condo rose 4.4 per cent last month to $406,000, according to the Real Estate Board of Greater Vancouver (REBGV), while prices for detached homes rose three times as much, gaining 13.4 per cent to $897,000.

“There’s more competition amongst home sellers in today’s market, providing more options for prospective buyers,” says Rosario Setticasi with the REBGV in a statement. “Buyers now have more properties to choose from and more time to make decisions compared to last spring.”

The unadjusted average selling price for a house was $1.1 million.

Sales of detached homes rose 10.5 per cent while condo sales gained five per cent.