Single-detached home price in Vancouver tops $1 million for second-straight month

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VANCOUVER (NEWS1130) – Demand for single-detached houses in the Vancouver area remains strong, with the adjusted average price topping a million dollars for the second month in a row.

The Real Estate Board of Greater Vancouver says the “benchmark” price in January rose 8.4 per cent to $1.01 million. The actual, unadjusted price for a detached house in the area was $1.3 million.

Board president Ray Harris says an 11.4 per cent drop in listings compared to December is “creating greater competition amongst buyers, particularly in the detached home market.”

He adds that the number of detached houses for sale is the second-lowest in four years.

Overall, Vancouver-area home sales rose 8.7 per cent in January to 1,913. That’s 14.9 per cent higher than the 10-year average for the month.

The average price for all types of homes rose 5.5 per cent to more than $641,000.

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