Vancouver market still going strong
House prices in Vancouver soar Home prices continue to soar in Vancouver and the North Shore, where the average two-storey detached home is now selling for more than $1.27 million. According to the Vancouver Sun, the average price for detached bungalows and two-storey houses across Vancouver, North Vancouver and West Vancouver have jumped by 10.6 per cent and 10.3 per cent in the last year, according to Royal LePage’s House Price Survey, released Wednesday. The average bungalow now sells for $1.175 million. "The average price for homes in Vancouver shot up in the first quarter, particularly for detached single-family homes. This is being caused in large part by a scarcity of product and the high demand to live in the area," Royal LePage broker Bill Binnie said in a news release. Realtors on the west side are claiming that prices for single family homes in some high-demand areas have jumped by as much as 40 per cent. Condominiums have gone up in price, too, showing an increase of 4.9 per cent to reach an average of $506,624.