With a busy summer vacation just around the corner, Vancouver real estate professionals are taking a closer look at which properties are the best in the city.
The Real Estate Council of B.C. says a survey released this week showed the average price of a detached home in Vancouver jumped 11.9 per cent to $2.85 million in the July to September quarter.
But, as in most cities, it was the priciest quarter in more than a decade, rising 19.9% from the previous year.
In total, average house prices in Vancouver rose 8.7 per cent in the quarter to $1.9 million.
But in the same period, prices rose 14.2% in the pricier neighbourhoods of Kitsilano, North Vancouver and Lower Downtown, which saw increases of 18.4 per cent.
B.C.’s housing affordability crisis has seen prices rise faster in certain neighbourhoods than others.
In Vancouver, the average home price in the Downtown Eastside, the city’s priciest neighbourhood, rose by 16.6 per cent, to $3.2 million, from $2 million a year ago.
Meanwhile, the median home price was up by 7.8 per cent on the year, to about $1 million.
In all, the Vancouver region saw an average price increase of 9.5 per cent over the same time period, to an average of $1,085,000.
But the average cost of a condo increased by 7 per cent and a single-family home by 11.5%, according to the survey.
In the Greater Vancouver area, where the average house price rose by 8.5 percent over the past 12 months, condos jumped 16.2 per cent while single- and two-family homes climbed 7.5 and 7.4%, respectively.
In Lower Downtown and North Vancouver, however, the increases were smaller, up 1.7 and 0.7 percentage points, respectively.
The survey also found a big spike in the number of condominiums in the North Vancouver neighbourhood, where prices jumped by 11 per cent last year.
But in the downtown area, condo prices rose by just 1.2 percent, down from a high of $2,000 in 2016.
But while condo prices are up in the Lower Downtown area, they are falling in the larger, more expensive areas, like North Vancouver.
That’s because the average condo in the region has grown by just 2.4 percent over that time, from a year earlier, to a year higher.
In terms of single-home prices, prices in North Vancouver are up 4.4 percentage points since last year, while prices in the other four neighbourhoods are up by just 0.6 percentage points.