VANCOUVER -- The price of an average home in Metro Vancouver increased at the end of 2020, the most significant jump being in the detached home category.

According to real estate company Royal Lepage, the average price of a home increased by more than seven per cent in the fourth quarter of 2020, compared to the same time in 2019.

Randy Ryalls of Royal Lepage Sterling Realty says prices are expected to rise even more this spring.

“The number of transactions has been increasing significantly, much more over last year for sure and (there’s) just extremely low inventory as well,” he said.

“(There’s) not much (housing) to pick from out there and (there are) a lot of buyers in the market place and so it’s put a lot of upward pressure on prices, especially in the last quarter (of 2020)," Ryalls said.

The most significant price jump has been among standard two-storey homes. The average price of these stand-alone houses in the Lower Mainland is now $1.5 million, an increase of nearly nine per cent.

The average price of a bungalow increased by nearly seven per cent to about $1.27 million, while condos saw a jump of just over three percent reaching an average price of about $662,000.