The price of homes is set to continue to rise in Vancouver, with an average price of $2.5 million in June 2018, according to a new study from RealtyTrac.
The median price of a detached home in the city increased from $2,569,200 in May 2018 to $2 to $3 million in September 2018, but the median price for a detached house was down by about a quarter.
The average price for an individual detached home dropped $3,900 from $3.25 million in May to $4.25 in September, according the study.
While the median sale price of the average home dropped by $1,000 from $1.2 million in March to $1 million in April, the median purchase price of an average home increased by $3 from $4,000 to $5 million.
For many people, buying a home is a difficult decision.
It’s a process, said David Poulin, a Realtytrac spokesperson.
But it can be done.
“The best way to buy is to find a good, good, and fair seller and negotiate,” he said.
“You can’t get better than this.”
Poulin said the median home sale price is $1 to $8 million.
“It’s a very, very high price,” he added.
“We have to get the market to a point where it can justify it.”
The average sale price for condos in the Vancouver region was $1 billion in June, up $1 trillion from the same month a year earlier.
However, the average price increased by only $500,000, from $925,000.
The median condo sale price in Metro Vancouver was $5.5-million in June.
The Vancouver real estate market is expected to be even more volatile by the end of the year.
The average home price is expected, at least, to increase by about 6 per cent to $7.3 million.
That increase is expected mainly due to higher sales of new condominiums in the Greater Vancouver market, which is expected rise by about 2 per cent in 2017.
The study also shows the average sale prices for all types of detached homes are still trending downwards, with the median selling price falling from $5,250,000 in June to $50,000 by September 2018.
The lowest median sale prices were for single-family detached homes, at $7,000-9,000 and for three-storey detached homes at $10,000-$14,000.
“The market is still relatively low in terms of the amount of supply,” Pou.
“But the fact that the median is still rising and the median market price is still increasing is not necessarily good news.”
For example, the study found the median sales price of single-unit detached homes increased from just under $1-million to $6-million by September.
The price for three storey detached houses increased from almost $3-million before the Great Recession to almost $8-million, with more than $20-million of the increase coming from new homes.
The rate of change of the median house price also seems to be slowing down, but it still shows a big increase in value, as the average median price went from $6,500,800 in May 2017 to $9,400,400 in September.
“There are very, extremely, high levels of demand for homes in this market,” said Pou, adding that there are many people looking to buy in Vancouver.
“There’s a lot of pent-up demand, but that demand is also getting squeezed out by supply.”
A new report released by Realty Trac says the rate of price growth is slowing in the real estate industry.
“Over the past five years, the overall rate of inflation has remained near zero,” said David Henshaw, vice-president of research and market insights at Realty TRAC.
“While this is still far above historical averages, it has slowed down significantly.”
Henshaw said the rate at which home prices are rising is driven by two things: rising demand and an increase in supply.
He said there’s still a lot more supply in Vancouver than there is demand, meaning the price is set by supply and demand, not by inflation.
Hensham said the number of homes being sold has been trending downwards for some time, as inventory continues to decrease.
“A number of reasons have contributed to the slowing in home sales over the past year,” he wrote.
“The number of home buyers has been steadily declining over the last year, as supply has continued to increase.”
Hentshaw said he thinks this trend will continue, and that prices could continue to climb as more people are willing to pay more for their homes.
“This is not a new trend,” he continued.
“Home buyers are a growing group in Vancouver.”
Hensen said if you’re interested in owning a home, the key is to understand what you’re