Greater Vancouver’s average home sale price hit $1m in December

The average home sale price in Greater Vancouver reached $1,049,424 in December 2017, according to the latest data from the British Columbia Real Estate Association (BCREA).

This was an increase of 10.7% compared with an average of $948,246 in December 2016. The number of units sold last December rose 18.7% year-over-year to 2,069, compared with 1,743 in 2016. The total dollar volume of all sales across the region was up more than 31%, reaching nearly $2.2bn, compared with under $1.7bn in December 2016.

“Robust housing demand in 2017 was underpinned by a strong economy, employment growth and rising wages,” said Cameron Muir, chief economist at BCREA. “Above trend migration, both international and interprovincial, also bolstered housing demand, while broader demographic fundamentals added fuel to condominium sales in urban centres and to all home types in retirement-oriented communities.”

Across British Columbia, the average sales price surged 12.1% to $734,108. The total number of units sold was up 21.5% to 5,738 in the month, and the total dollar volume rose 36%, hitting more than $4.2bn. Last year, the total number of units sold was 103,763, down 7.5% from 2016’s record year, in which 112,211 units were bought or sold. 

Also read: November home sales in Greater Vancouver surge above decade-long average