House prices in Greater Vancouver are climbing faster than building-site elevators, up by nearly 20 per cent in the past year or the equivalent of $222 a day.

According to the Real Estate Board of Greater Vancouver, the benchmark price for a detached home rose by more than $80,000 in the past 12 months, hitting $495,570 in April. Prices in Greater Vancouver are up 41.5 per cent over three years ago and 48.2 per cent over five years ago, the board said yesterday.

A similar boom is taking place in other parts of B.C.

The Fraser Valley Real Estate Board said the price of an average single-family detached house rose 19.4 per cent in the past 12 months to $341,605 — an increase of $152 a day.

In Greater Victoria, the average price of a single-family home was a record $384,354 last month, up from $312,000 in April 2003 — an increase of $198 a day.

Kamloops and District Real Estate Association president Peter Oswell was so busy showing homes yesterday afternoon he had only seconds to speak to The Province.

“It is really hot up here,” Oswell said. He said sales last month were about 25 per cent higher than in April of last year and were 30 per cent higher in the first four months of 2004 than they were for the same period in 2003. The average price of a detached home in the Kamloops area is now $157,000.

Okanagan Mainline Real Estate Board president Dale Harvey said homes in the Vernon area where he lives are selling for about 20 per cent more this year than they were last year. And, Harvey said, the properties are moving fast.

“If they’re priced competitively, they’re gone overnight,” he said. Harvey said he expects the rush to slow once potential buyers say “enough is enough” when it comes to prices.

“But there’s nothing in the foreseeable future to show that happening,” Harvey said.

Low interest rates, an improving provincial economy, higher employment figures and a gradual increase in average incomes in B.C. are stoking the hot market, said Helmut Pastrick, chief economist of the Credit Union Central of B.C.

Pastrick said prices will likely continue to increase, albeit at a less heady rate, in years to come.

“I think this market easily has another year or two to go,” he said. “These low rates, of course, are able to make it [buying a home] affordable for a lot more people.”

The Credit Union Central is forecasting a 12-per-cent increase in prices in 2005 and smaller increases in following years.

Builders are capitalizing on the booming market.

A separate report yesterday from Canada Mortgage and Housing Corp. said B.C. and New Brunswick are the only provinces that will show an increase in the number of housing starts this year and that B.C. will be the only one to grow next year.

Builders will start 30,000 homes in B.C. this year, up 14.6 per cent, and 30,700 next year, CMHC said.

Peter Simpson, chief operating officer of the Greater Vancouver Home Builders Association, said innovation is the watchword.

“Builders and developers are looking at new housing styles that will keep the market strong,” he said. “Obviously, land is getting more expensive here and the challenge is how to put more housing on that land at less cost.”

Simpson said large homes split into units each with its own entrance, garage and yard as well as backyard “coach houses” reflect consumer desire for something other than condominium living.

“We need to make more sensible use of the land than we have,” Simpson said.

APRIL HOUSE PRICES

MEDIAN SELLING PRICES Detached homes Attached homes Apartments

April 2004 April 2003 % change April 2004 April 2003 % change April 2004 April 2003 % change

Abbotsford $275,642 234,500 17.5% $184,900 $125,000 47.9% $99,000 $84,800 16.7%

Burnaby $465,000 $380,000 22.4% $273,500 $226,000 21.0% $182,000 $150,100 21.3%

Coquitlam $423,000 $344,000 23.0% $229,000 $204,000 12.3% $147,000 $140,000 5.0%

Delta – North $313,200 257,000 21.9% $179,500 $143,000 25.5% $105,000 $58,000 81.0%

Delta – South $420,000 $355,000 18.3% n/a n/a – $186,000 $152,000 22.4%

Langley $329,474 289,500 13.8% $219,303 $184,900 18.6% $139,000 $117,500 18.3%

Maple Ridge/Pitt Meadows $312,900 $284,900 9.8% $188,000 $154,000 22.1% n/a $109,000 –

Mission $250,000 201,000 24.4% $159,000 $138,500 14.8% $105,000 $85,000 23.5%

New Westminster $325,000 $275,000 18.2% n/a n/a – $162,500 $128,500 26.5%

North Vancouver $550,200 $479,500 14.7% $394,500 $295,900 33.3% $213,000 $178,000 19.7%

Port Coquitlam $355,000 $279,000 27.2% $240,000 $232,000 3.4% $138,500 $109,000 27.1%

Port Moody/Belcarra $430,000 $445,000 -3.4% $189,000 $183,000 3.3% n/a n/a –

Richmond $428,000 $358,000 19.6% $287,000 $235,000 22.1% $185,000 $142,800 29.6%

Squamish $310,000 $299,100 3.6% n/a n/a – n/a n/a –

Sunshine Coast $265,000 $220,000 20.5% n/a n/a – n/a n/a –

Surrey $333,000 264,400 25.9% $216,169 $186,000 16.2% $119,000 $127,000 -6.3%

Vancouver East $415,000 $351,000 18.2% $285,000 $275,800 3.3% $168,000 $149,000 12.8%

Vancouver West $790,000 $680,000 16.2% $450,000 $389,000 15.7% $275,000 $225,000 22.2%

West Vancouver/Howe Sound $871,650 $750,000 16.2% n/a n/a – n/a n/a –

White Rock $450,000 380,000 18.4% $320,000 $239,000 33.9% $209,500 $166,000 26.2%

Sources: Real Estate Board of Greater Vancouver, Fraser Valley Real Estate Board

© The Vancouver Province 2004