Single-family home prices increasing at level not seen since mid-2010s
COVID-19 doesn't affect all people equally — and it doesn't affect the housing market equally either.
The average selling price of a detached home in Greater Vancouver rose for the sixth straight month in January, the first time that had happened since 2013.
At $1.83 million it's the third highest monthly figure in the history of the Greater Vancouver Real Estate Board. To the east, the Fraser Valley Real Estate Board saw a 23 per cent increase in the average value of a detached home in the last year, and is now at $1.28 million, its highest number ever.
And a big reason, according to experts, is people valuing permanent space over tightly packed, and perhaps temporary, urban living.
"I think that's what the market, what the data is actually showing," said Bryan Yu, Central 1 Credit Union's chief economist.
Yu said the difference between rising prices for detached homes and stable prices for condos and apartments is partly based on what sort of properties are more in demand due to COVID-19.
"If you're not travelling or expecting to go anywhere for a while, maybe they're just wanting more green space."