Metro Vancouver housing prices spike in suburbs

Metro Vancouver’s real estate market is already off to the races in 2016, according to an annual Royal LePage report.

The realty firm’s national house price composite shows the average price of properties on the market are up 21.6 per cent in the first quarter of 2016, compared to Q1 2015.

In comparison, prices in Toronto are up 9.3 per cent and prices in Montreal are up 3.3 per cent.

Nationally, prices are up 9.2 per cent.

Back in Metro Vancouver, the price of two-storey homes are up 23.6 per cent, bungalows are up 25.7 per cent and condominiums are up 9.5 per cent.

While much of the focus of Vancouver’s affordability issues have been centred within City of Vancouver limits, realtor Adil Dinani said the numbers show house prices in the outlying municipalities are also quickly on the rise.

 “The price increases are migrating east for sure,” said Dinani. “People want a certain type of house so places like Burnaby and the Tri-Cities are really trending up. We’re seeing people in Vancouver and West Vancouver leaving those cities and moving east.”

Part of that is because listing are down 40 per cent this year, which has contributed to the biggest seller’s market Dinani has experience in his 12 years as a realtor.

Meanwhile, Dinani says the Tri-Cities are in the midst of a housing surge ahead of the Evergreen Line, which will make commuting downtown much easier.

He also says the price increase correlatee with municipalities moving to more pro-active community plans that embrace density and create more walkable neighbourhoods.

As for predicting the future of the region’s red-hot market, Dinani said realtors are in the same boat as everyone else.

“That’s a crystal ball question,” he said. “It’s very challenging to predict what is going to happen. No one really has the answer. It’s really difficult for buyers, and as agents.”

Housing price increases from Q1 2015 to Q1 2016, by city

Burnaby

Two-storey: 21.7%

Bungalows: 24.7%

Condos: 2.2%

Coquitlam

Two-storey: 19.8%

Bungalows: 17.9%

Condos: 8.3

Langley

Two-storey: 17.1%

Bungalows: 4.9%

Condos: 1.9%

North Vancouver

Two-storey: 17.8%

Bungalows: 24.3%

Condos: 3%

Richmond

Two-storey: 28.8%

Bungalows: 31.2%

Condos: 14.1%

Surrey

Two-storey: 15.4%

Bungalows: 18.9%

Condos: 4.3%

Vancouver

Two-storey: 30%

Bungalows: 32.9%

Condos: 10.8%

West Vancouver

Two-storey: 19.5%

Bungalows: 22.2%

Condos: 27.1%

–Source: Royal LePage National House Price Composite