Wondering when, if ever, is the right time to buy? Many Canadians are, and the numbers are promising more price increases to come.

The Royal LePage House Price Survey was released on Tuesday, April 19, 2022, and it looks at the state of the Canadian real estate market, giving a comprehensive view of what’s changed year-over-year and what the future market could look like.

According to the new report, the aggregate price of a home in Canada increased 25.1% year-over-year in the first quarter of 2022. That’s the most significant increase since they started keeping records.

Housing prices in Vancouver

Royal LePage said in its report that the aggregate price of a home in Greater Vancouver increased 18.2% year-over-year in the first quarter of 2022. Additionally:

• The median price of a single-family detached home increased 20.7% to $1,870,100.
• The median price of a condominium increased 20.4% to $828,400.

Randy Ryalls, general manager of Royal LePage Sterling Realty, said that “while the supply of listings is beginning to increase, it is happening at a very slow pace.”

Ryalls said Greater Vancouver remains in a strong seller’s market, and listings are being sold quickly.

“These market conditions are self-perpetuating. Lack of supply causes hesitation in sellers who hold off listing their home until they can buy.”

In the City of Vancouver, the aggregate house price increased 14.6% year-over-year in the first quarter of 2022 to $1,478,100. Additionally:

• The median price of a single-family detached home increased 21.7% to $2,665,400.
• The median price of a condominium increased 7.1 % to $835,600.

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