House prices jump yet again across Metro Vancouver

House prices across Metro Vancouver jumped yet again this quarter, bringing up the aggregate home price to just under a million bucks, according to a Royal LePage report released Wednesday.

The aggregate price for condos, bungalows and two-storey houses across the region rose by 12.9 per cent to $928,532 in the third quarter of 2015. Richmond and Burnaby posted the highest increase across housing types, with aggregate prices rising to $868,105 and $832.411 respectively, according to the report.

But Vancouver, where insane real estate prices prompted the #donthave1million campaign drawing attention to young people leaving the city because it’s too expensive, still takes the cake for the priciest homes. Advocates might soon have to update the hashtag to #donthave2million, as the aggregate price for a two-storey jumped to $1,925,491.

The short supply of detached homes is largely responsible for the price increases in that category, with buyers driving up prices when competing for fewer listings, according to the report.

Royal LePage Sussex regional manager Alan Stewart cited B.C.’s strong economy as a reason for the increase. He also pointed to the controversial topic of foreign buyers’ influence on the market.

“Although Vancouver job growth is currently lagging behind the national average, dramatic appreciation in the housing market can be partly attributed to an inflow of retirees and international buyers,” Stewart said in a statement.

The topic of affordable housing has captured some political attention in the federal election. The Conservatives have promised to collect data on foreign ownership. The Liberals and the NDP have promised to build more affordable housing.  

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