Vancouver house prices continue to top nation

A nationwide study recently conducted by CENTURY 21 Canada revealed that the price-per-sq. ft. (PPSF) of single-detached homes on Vancouver’s West Side continue to be the highest in Canada despite decreases over the last year, while housing prices in other parts of the province have been softer.

CENTURY 21 Canada’s annual survey of PPSF across the country found condos in downtown Vancouver are the most expensive properties in Canada at $1,345 per sq. ft. For detached houses, Vancouver’s West Side continues to have the highest-priced properties nationally at $1,147 PPSF, down 5.19 per cent from $1,210 last year. Overall, Vancouver houses came in at $856 PPSF, down from $890 last year, due to lower prices on the East Side.

The data used includes prices between Jan. 1 and June 30, 2018, to ensure an accurate comparison to last year’s survey, so price changes since then are not reflected.

Just outside the city, Burnaby was substantially lower than average at $599 PPSF, up 1.91 per cent from $588 last year, while prices in Richmond and West Vancouver jumped more than 10 per cent to $677 and $898.50, respectively. White Rock/South Surrey houses fell more than 8.5 per cent to $506 PPSF. Out in the Fraser Valley, Chilliwack houses rose in price 14 per cent to $297 PPSF while townhouses and condos surged even more to $261 PPSF and $283 PPSF, respectively.

“It is no surprise that Vancouver’s downtown and West Side once again topped the list of Canada’s most expensive properties per sq. ft., even with a small decline over the last year,” says Brian Rushton, executive vice-president of CENTURY 21 Canada.

“Looking across B.C., the price variation is remarkable. Going out just one or two suburbs cuts your price in half, while prices in more rural areas are closer to a quarter or less of those in Vancouver.

“We are hearing anecdotally from agents in the Fraser Valley and in communities like Victoria that they are seeing an increase in the number of Vancouver residents moving to take advantage of lower house pricing, which the surge in prices in Chilliwack and elsewhere would seem to support.”

Going back 20 years, most Metro Vancouver prices have tripled or quadrupled – to $681 PPSF this year from $192 in 1998 in North Vancouver, for example.

Victoria saw strong price increases since last year, with detached houses going up more than 11 per cent to $509 PPSF. In Fort St. John, prices for a house dropped more than 27 per cent to $171 PPSF, while Vernon prices shot up 10 per cent to $366 PPSF.