There’s no end in sight for home-buying enthusiasm — or for home-price increases — across the Lower Mainland.

Greater Vancouver recorded the highest price increases in Canada in the second quarter of 2004, figures released yesterday show.

Royal LePage Real Estate Services said the average price of a detached bungalow in Greater Vancouver climbed 13.2 per cent in the past year to $462,086 while a similar Victoria home increased by 10.4 per cent to $286,000.

The average price of a detached Canadian bungalow rose 6.8 per cent to $249,200.

High prices do not appear to have discouraged home buyers. The Real Estate Board of Greater Vancouver said condo sales rose 10.4 per cent last month while townhouse sales were up 8.8 per cent. Sales of single-family homes declined by 12.7 per cent.

Overall housing sales for the year are running 17 per cent ahead of last year.

Year-over-year increases in house prices range from 10.3 per cent in Burnaby to 35 per cent in Port Moody and Belcarra, the real-estate board said.

“We don’t see any sign of a significant slowdown,” said board president Andrew Peck.

“Even with slight increases in mortgage rates, buyers are not shying away from this market. We would need to see a signifi-cant shift in mortgage rates and an economic slowdown in the province to curb buyer enthusiasm,” he added.

That “enthusiasm” has spread across Canada.

“Demand has remained steadfast and strong in the past several years, with vigorous activity only limited by a shortage of supply,” Royal LePage CEO Phil Soper said.

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June house prices

MEDIAN SELLING PRICES Detached homes Attached homes Apartments

June 2004 June 2003 % change June 2004 June 2003 % change June 2004 June 2003 % change

Abbotsford $285,000 $238,000 19.7% $186,000 $147,000 26.5% $109,000 $93,000 17.2%

Burnaby $459,000 $416,000 10.3% $297,500 $250,000 19.0% $195,400 $162,700 20.1%

Coquitlam $400,000 $329,900 21.2% $281,500 $238,000 18.3% $159,900 $140,000 14.2%

Delta North $317,500 $275,000 15.5% $187,000 $154,000 21.4% $59,500 n/a n/a

Delta South $401,000 $352,500 13.8% n/a n/a n/a n/a n/a n/a

Langley $335,000 $298,000 12.4% $222,800 $189,900 17.3% $142,500 $118,000 20.8%

Maple Ridge $330,000 $269,900 22.3% $188,500 $159,900 17.9% $123,500 $121,500 1.6%

Mission $253,000 $204,000 19.7% $166,500 $142,500 16.8% $95,000 $84,000 13.1%

New Westminster $392,000 $312,000 25.6% n/a n/a n/a $162,000 $120,000 35.0%

North Vancouver $579,000 $480,000 20.6% $387,000 $323,000 19.8% $214,000 $175,000 22.3%

Port Coquitlam $341,000 $269,000 26.8% $238,900 $220,000 8.6% $115,000 $114,000 0.9%

Port Moody / Belcarra $470,500 $348,500 35.0% $170,000 $181,500 -6.3% $189,000 n/a n/a

Richmond $439,000 $360,000 21.9% $296,000 $238,000 24.4% $203,500 $154,900 31.4%

Squamish $330,000 $275,000 20.0% $238,000 n/a n/a n/a n/a n/a

Sunshine Coast $242,500 $207,000 17.1% n/a n/a n/a n/a n/a n/a

Surrey $343,000 $292,000 17.5% $211,000 $193,500 9.0% $136,000 $106,000 28.3%

Vancouver Westside $780,000 $705,000 10.6% $422,000 $370,000 14.1% $269,000 $223,900 20.1%

Vancouver Eastside $438,000 $350,000 25.1% $304,000 $261,000 16.5% $186,000 $134,000 38.8%

West Vancouver / Howe Sound $880,000 $745,000 18.1% n/a n/a n/a n/a n/a n/a

White Rock $458,000 $387,500 18.2% $328,000 $269,000 21.9% $192,500 $170,000 13.2%

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

Ran with fact box “June house prices”, which has been appended to the story.

© The Vancouver Province 2004