Vancouver, B.C. — On the same day Vancouver’s real estate market hit record highs and prices soared in some neighbourhoods, the province’s housing market is also at a new record high.
The average price of a detached house in the Vancouver area hit $1.7 million on Friday, up 8 per cent from a year ago.
And the median price for a detached home hit $2.3 million, up 22 per cent over the year.
The province’s median home is currently valued at $1,852,000, according to the Real Estate Board of Greater Vancouver.
And that’s up more than 50 per cent in the past five years, according a report from the agency.
While the increase in prices is encouraging, it comes amid an unprecedented housing crisis.
In the past year, the number of people in Vancouver’s most affordable neighbourhood has more than doubled, and the number that are considered “moderate” has nearly tripled, according the RHBG.
In all, there are now 5,000 people living in the “high-density” neighbourhoods that are the focus of the new study.
That’s the highest number in the city, said RHBW spokesperson Scott Wilson.
The most affordable neighbourhoods in the region are in the south end of the city between Cambie Street and Queen Street, which are currently the priciest in the province, according as the RHCB report.
The average price in the downtown core of Vancouver is $1 million, according RHB data.
In the west end, it’s $1 in the Downtown Eastside, $1 at the intersection of Queen and Richmond, and $1 on Richmond and Richmond.
In all, the average home price in Vancouver hit $3.5 million on the weekend.
While the average price for detached homes in the west of the downtown has grown by 22 per year, it is still below the average in the east of the Downtown.
The number of homes sold in the West Vancouver neighbourhood hit its highest level in six years, at 7,716.
That’s up from 6,937 the year before, the RHSB report said.
In other regions of British Columbia, the report said the average sales price is lower, at $2 million.
That means that in some areas, there is more than one home that’s being sold.
In a few of those areas, it appears that the median home prices are more affordable than the average for detached houses.
In a few neighbourhoods, like Richmond and the Downtown, it was possible to buy two homes for the same price, the study said.
But in other neighbourhoods, such as the city’s south end, prices are rising fast.
The median price in that neighbourhood hit $5.5 in May, up nearly 50 per year.
The RHBB says that’s because the median house price in Richmond is now nearly $1-million higher than the median for detached units in the area.
In some areas of Vancouver, the median median price is now more affordable.
RHB reports that in Richmond, it increased from $1 to $2,700.
In Burnaby, it rose from $2 to $3,700, and in Richmond’s north end, the price of detached homes is up more.
The RHBHBC says the most expensive neighbourhood in the country is in South Surrey, British Columbia.
That neighbourhood, the high-density neighbourhood, is valued at more than $3 million on average.
In Victoria, the most unaffordable neighbourhood, it has an average value of $1 and a median price of $4,200.
The numbers may seem alarming.
But the high housing prices are not unprecedented in Vancouver, where there have been several record-breaking housing bubbles.
A housing bubble burst in Vancouver in 2014, costing $9.5 billion in lost sales, the biggest municipal property-price bubble in Canadian history.
And in Vancouver alone, there were three record-high property-market crashes between 2014 and 2016.
The latest housing bubble is not the only recent event that has sparked a housing market boom.
In April, Vancouver saw the worst month of home sales in at least 20 years.
And in June, the city had the biggest monthly increase in house prices in at most 15 years.