2015 was a banner year for Metro Vancouver real estate particularly when compared to the data since 2008.  Sales and benchmark prices were up across the board in almost all cities and product types.

Greater Vancouver

Greater Vancouver saw a 22% increase in benchmark prices in the single family market with Tsawwassen leading the way at over 31%. The apartment and townhome markets saw more modest but still strong increases at approximately 14% and 11% respectively. Port Moody and East Vancouver did especially well in both markets.

Benchmark Prices & Total Sales
Greater Vancouver Real Estate Board (REBGV)

Fraser Valley

Although known for greater instability, the Fraser Valley also saw strong activity this year across all product types and cities. The single family market increased just over 14% with North Delta and North Surrey posting the highest increases at 21%. North Delta also showed the highest increase in the townhouse market with an overall increase at almost 7%. Apartments increased over 9% with Mission surprisingly showing the highest increase at just over 15%.

Benchmark Prices & Total Sales
Fraser Valley Real Estate Board (FVREB)

In Metro Vancouver we love to talk about real estate bubbles so before we all take that conversation into overdrive, it is important to understand that much of the increase is being driven by the single family market. Our single family market supply will continue to dwindle thereby continuing to put pressure on prices which also pulls up prices in townhomes and apartments as people search for more affordable housing options. It is also important to realize that bubbles usually requires a sustained period of time with large increases and irrational buying which we haven’t seen this year. Although the market has been extremely active, it has not been based on speculative buyers or people who are not in a position to close. Therefore, if you’re looking for a drastic price drop in the near future, you likely have to continue to sit on the sidelines.