Five percent increase brings average Greater Vancouver home price to over $1 million

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      Home buyers hoping for a bargain hunt in Greater Vancouver may have to keep waiting.

      While the number of homes sold in the region from January to April 2018 fell compared to the same period last year, the average price increased by 5.1 percent.

      According to the B.C. Real Estate Association (BCREA), the year-to-date average price as of April 2018 was $1,048,006, compared to the average price for the same period last year of $997,594.

      As everyone knows, it's cheaper out in the Fraser Valley, where the average home price was $757,921.

      Driving farther out in Chilliwack and neighbouring towns, it’s at $516,393.

      Many home buyers are likely to settle for something less than they have planned.

      In addition to rising home prices, tighter mortgage rules that took effect in January 2018 have reduced their purchasing power.

      There were fewer transactions in Greater Vancouver for the first four months of 2018.

      From January to April 2018, a total of 9,269 homes were sold in the region.

      It's a 17.7 percent decrease compared to the 11,263 units traded in the first four months of last year.

      Based on a BCREA report issued Monday (May 14), the increase in the average price in the region largely mirrors the province-wide rate of increase of 5.7 percent.

      The average year-to-date price of a B.C. home as of April 2018 was $731,661, compared to $692,253 for the same period last year.