September 2016 - Market News
Homes are still selling. Buyers are still looking. Having eight to ten multiple offers on a detached home a few months ago was common while now listings are seeing two to three offers on a property. Prices have increased in comparison to last year at this time with the benchmark price rising 42% for North Vancouver, 40% in West Vancouver and 34% for Vancouver West.
Source: Real Estate Board of Greater Vancouver
Please read below to better understand the differences:
Average home price is the average of all house prices within a category, e.g., the total of all condo sale prices in North Vancouver divided by the number of condos sold there.
Median home price is taking the midpoint of sales prices where an equal number of properties were sold above and below this sales price.
Benchmark home price estimates the value of a “typical” home in a community based on the most popular combination of features, e.g., age, size, number of bedrooms and bathrooms. You’ll find separate benchmark prices for detached, attached and condo homes.
House Price Index (HPI): Ongoing record tracking aggregate sales of similar homes.
More Information on BC’s Real Estate Reform: