Housing prices in Greater Vancouver are a topic of discussion across the country. We are often asked about the differences between the MLS® Home Price Index benchmark prices that we report, the average prices and the median prices.

Here’s a comparison of the MLS HPI®, average, and median prices in Greater Vancouver between June 2016 and June 2015.

Average price

The average price is calculated by dividing the total dollar volume of sales by the number of sales. The average price is the simplest to explain but is not always the most accurate since it may be skewed by the mix of properties, such as more high-end or low-end sales will skew the number up or down.

Greater Vancouver

Category

    

June 2016 (average)

    

June 2015 (average)

    

% change year over year

Detached   $1,748,490   $1,405,329   +24.4%
Attached   $740,282   $563,182   +31.4%
Apartment   $573,430   $481,459   +19.1%

 

Median price

In a list of housing prices from high to low, the median is the middle price.

Greater Vancouver

Category

    

June 2016 (median)

    

June 2015 (median)

    

% change year over year

Detached   $1,400,000   $1,130,000   +23.9%
Attached   $659,950   $520,500   +26.8%
Apartment   $465,000   $398,000   +16.8%

 

MLS® Home Price Index

The MLS® HPI reports the price for an ‘economic bundle’ of housing features of a ‘typical’ house for a neighbourhood, area or region. Modelled on the Consumer Price Index or CPI, it is considered to be the most accurate indicator of housing prices trends in a given region.

Greater Vancouver

Category

    

June 2016 (MLS HPI®)

    

June 2015 (MLS HPI®)

    

% change year over year

Detached   $1,578,300   $1,143,500   +38.0%
Attached   $669,000   $517,000   +29.4%
Apartment   $510,600   $400,700   +27.4%


Source: Real Estate Board of Greater Vancouver

For a more detailed description, please visit MLS® Home Price Index explained