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House prices across Metro Vancouver jumped yet again this quarter, bringing up the aggregate home price to just under a million bucks, according to a Royal LePage report released Wednesday.

The aggregate price for condos, bungalows and two-storey houses across the region rose by 12.9 per cent to $928,532 in the third quarter of 2015. Richmond and Burnaby posted the highest increase across housing types, with aggregate prices rising to $868,105 and $832.411 respectively, according to the report.

But Vancouver, where insane real estate prices prompted the #donthave1million campaign drawing attention to young people leaving the city because it’s too expensive, still takes the cake for the priciest homes. Advocates might soon have to update the hashtag to #donthave2million, as the aggregate price for a two-storey jumped to $1,925,491.

The short supply of detached homes is largely responsible for the price increases in that category, with buyers driving up prices when competing for fewer listings, according to the report.

Royal LePage Sussex regional manager Alan Stewart cited B.C.’s strong economy as a reason for the increase. He also pointed to the controversial topic of foreign buyers’ influence on the market.

“Although Vancouver job growth is currently lagging behind the national average, dramatic appreciation in the housing market can be partly attributed to an inflow of retirees and international buyers,” Stewart said in a statement.

The topic of affordable housing has captured some political attention in the federal election. The Conservatives have promised to collect data on foreign ownership. The Liberals and the NDP have promised to build more affordable housing.  

Simon Fraser
Market Update

Simon Fraser Condos

Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

Harmony built in 2005 was the first condo development at Univercity & as a result offers a unique setting & views.

Serenity Townhomes by Polygon

Serenity is a collection of 2 bedroom townhomes of 1100 sq ft ranging to 4 bedroom 2000+ sq ft townhomes.

The Hub by Liberty Homes

The Hub built in 2009 is set atop Nester's Grocery and steps from High Street giving these homes an urban feel.

Verdant by VanCity Enterprises

Verdant is a two storey town home building built with environmental design and stylish living spaces which complement the modern exterior of these SFU homes.

Origin by Porte Development

Origin is designed by GBL Architect & BYU Interior Designs, developed by Porte Development Corp. and marketed by Red Dot Real Estate.

Nest by Mosaic

Located on UniverCity High Street across from the new University Highlands elementary schools this refreshing building will add further depth to a growing community.

Highland House by Liberty Homes

A 12-storey concrete high-rise development and targeted towards Rental Investors and First-Time Condo Buyers.

Lift by Porte Development

Lift will be a wood frame building comprising of 56 homes. Building technologies, environmental features, and price points should be similar to Origin.

Altitude by Hungerford Group

Altitude will be a 2 tower development comprising of a 12 and 14 story building with a total of 210 strata units.

CentreBlock by Liberty Homes

CentreBlock at UniverCity atop Burnaby Mountain is the latest condo project with sales commencing early 2014. .

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