House prices continue to climb in Greater Vancouver in the third quarter but there are distinct signs the frantic demand for housing is slowing, Royal LePage Real Estate Services said yesterday.

Of the seven Vancouver markets examined, the value of a standard condominium experienced the most dramatic appreciation, increasing by 20.9 per cent to $236,555, year-over-year. The average price of a standard two-storey home increased by 13.5 per cent to $544,237, and a detached bungalow rose by 14.0 per cent to $471,267.

“Demand for homes has remained steady, but the arrival of more inventory has fostered more healthy activity and less frantic conditions in most of Vancouver,” said Bill Binnie, president Royal LePage Northshore.

“Buyers have adopted a more relaxed attitude and are not rushing in to grab the first property they see,” he added.

The same is happening across the country with higher housing inventories moderating price increases.

The average price of a detached bungalow rose 6.7 per cent to $249,244, a standard two-storey home increased 6.5 per cent to $309,415 and a standard condominium appreciated 7.3 per cent to $176,826.

“As listings grew, the upward pressure on house prices began to ease off, which made the market more hospitable for buyers during the third quarter,” said Phil Soper, chief executive of Royal LePage.

© The Vancouver Province 2004