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Insane Housing Prices Still Not Deterring Buyers


The out-of-reach cost of Vancouver housing may be worsening by the day, but it’s doing little to rein in buyer demand, according to RBC SVP and chief economist Craig Wright. The average price of a detached bungalow in Q2 2015 was $967.5k, up nearly 5% from Q1 alone, and more than 12% from a year earlier. Yet Vancouver posted a fifth consecutive quarterly increase in home sales activity (5.6%). “Given the current high degree of tightness in the market,” says Craig, “further price acceleration and affordability deterioration are even very likely in the near term.”