Detached bungalows lead price growth in 2014’s last quarter
The benchmark price for all home types rose year-over-year across Vancouver, with detached bungalows leading the way with growth of 7.5%.
The average price for a detached bungalow in Q4 2014 was $1,124,642, up from about $1,046,200 in the same period last year, according to the Royal LePage House Price Survey and Market Survey Forecast released January 14.The average price of two storey homes was also up, with a 7.1% rise to $1,233,182. Condos saw a price increase of 3.8% to $511,150.
Bill Binnie, broker and owner of Royal LePage North Shore and Royal LePage City Centre, said the price increases for two-story homes and bungalows were related to continuing supply shortages.
Condo prices, however, have remained relatively steady over the past five years.
“The condominium category showed more measured year-over-year growth as this segment is able to continually supply more units to keep up with changing demands and market dynamics,” Binnie said.
The average price increase in 2015 should be less pronounced but will continue to grow, the report said. Royal LePage forecasts an across-the-board increase of 2.8% for the year.“We expect single family homes to continue demanding premium prices while condominiums will see minor gains,” said Royal LePage Westside broker and owner Chris Simmons.
Across the country, home prices increased between 4.5%-6.7% year-over-year to Q4. Detached bungalows had an average price increase of 6.7% to $406,218. Two-story homes increased $6.0% to $443,379 and the price of condos rose 4.5% to $257,624.
A nationwide increase of 2.9% is forecast for the year.