The benchmark price for all residential properties in Metro Vancouver is $1,175,100. This figure, provided by the MLS® Home Price Index (HPI), serves as a key indicator for the typical cost of a home across the region.
Understanding the Metro Vancouver Home Price Index (HPI)
It's important to note that the MLS® Home Price Index (HPI) benchmark price is not a simple average or median price. Instead, it represents the price of a "typical" home in the market, accounting for various factors such as property type, features, and location. This composite benchmark covers all residential properties, including detached houses, townhouses, and apartments, within the entire Metro Vancouver area, which is broader than just the City of Vancouver.
Recent Trends in Metro Vancouver's Housing Market
The Metro Vancouver housing market has experienced notable shifts in recent periods, reflecting ongoing demand and market dynamics. The benchmark price provides insight into these trends:
| Metric | Value | Change |
|---|---|---|
| Current Benchmark Price | $1,175,100 | |
| Increase from June 2020 | 14.5% | |
| Increase from May 2021 | 0.2% |
These figures indicate a significant year-over-year growth in property values, while also suggesting a more modest month-over-month increase. This trend suggests a steady, rather than rapidly accelerating, pace in the market.
What This Means for Homebuyers and Sellers
For potential homebuyers, the benchmark price offers a realistic expectation of property values in Metro Vancouver. For sellers, it provides a crucial reference point for pricing their homes competitively. The marginal monthly increase in the benchmark price indicates a move towards a calmer, more balanced market compared to previous periods of rapid appreciation.
