Last month saw benchmark prices for detached homes break records in both Metro Vancouver and the Fraser Valley.
The price of a typical detached home in Metro Vancouver hit $976,600 in June, according to new numbers from the Real Estate Board of Greater Vancouver.
That represents a 6.2 per cent increase from the same month last year.
“Single detached homes are becoming a smaller and smaller proportion of the total housing stock because the vast majority of everything built in Metro Vancouver are condominiums,” said board analyst Cameron Muir.
“So over time they’re garnering an increasing premium as people looking for scarce housing type bid up overall home prices.”
The Fraser Valley also set a record high benchmark price, at $568,600.
That’s despite dire warnings from analysts who’ve been predicting the collapse of Vancouver’s overpriced market for years.
Realtors like Haydn Eviston, who’s sold three neighbouring homes in East Vancouver for between $1.3 million and $2.1 million in recent years, said he’s not worried about any bursting bubbles.
“There’s a lot of naysayers and doomsayers out there,” Eviston said. “Everything I’ve seen in the last few years, you know, I don’t think it’s coming.”
The Real Estate Board said the benchmark price for all residential properties in Metro Vancouver hit $628,200 in, a 4.4. per cent increase over 2013.
Despite the rising prices, sales were up 32.7 per cent over last year and 58.7 per cent over 2012.
With files from CTV Vancouver’s Shannon Paterson
