Metro Vancouver 2014 year end Housing Market Update
By The Real Estate Board of Greater Vancouver
Residential property sales in Greater Vancouver totalled 2,116 in December 2014, an increase of 8.3% from the 1,953 sales recorded in December 2013.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $638,500. This represents a 5.8% increase compared to December 2013.
“Detached homes continue to be the most sought after property type in our market,” Ray Harris, REBGV president said. “Detached homes in Metro Vancouver have increased 8.1 per cent in value over the last 12 months while townhome and condominium properties have increased 4.5 and 3.5 per cent over the same period.”
Sales of detached properties in December 2014 reached 833, an increase of 9.3% from the 762 detached sales recorded in December 2013. The benchmark price for detached properties increased 8.1% from December 2013 to $1,002,200.
Sales of apartment properties reached 912 in December 2014, an increase of 7.3% compared to the 850 sales in December 2013.The benchmark price of an apartment property increased 3.5% from December 2013 to $380,700.
Attached property sales in December 2014 totalled 371, an increase of 8.8% compared to the 341 sales in December 2013. The benchmark price of an attached unit increased 4.5% between December 2013 and 2014 to $476,800.