Demand for residential properties in Vancouver is pushing prices up. (Photo: Wikimedia Commons)
The Canadian city of Vancouver has seen home prices increase amidst surging sales of condominiums and townhouses, reported CBC News.
Latest data from the Greater Vancouver Real Estate Board (GVREB) showed that benchmark prices for condominiums saw the fastest rise of 2.7 percent to C$526,300 (S$555,810) since January.
Attached properties like townhouses also posted a 0.3 percent increase in prices to C$675,500 (S$713,371), while detached homes held firm at C$1.474 million (S$1.557 million).
The hike in prices come as residential sales jumped 59 percent from January. However, the increase is still 42 percent below the record registered in February last year during the peak of the real estate boom in the region.
Dan Morrison, President of the GVREB, also attributed rising prices to the lack of new listings in February. Last month’s number of new listings stood at 3,666, the lowest level recorded since 2003.
“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhouse markets,” said Morrison.