Benchmark Home Sale Prices | Metro Vancouver

Benchmark home prices are a key measure of housing affordability in Metro Vancouver's ownership market. Based on the MLS® Home Price Index (HPI), these prices reflect the value of a typical home with common features for its area. Data is shown separately for the Greater Vancouver and Fraser Valley real estate board areas to reflect the significant variation in prices across the region.

Benchmark home sale prices in Greater Vancouver and Fraser Valley real estate areas

Change in benchmark home sale prices in Greater Vancouver and Fraser Valley real estate areas (June 2014 to June 2024)

Benchmark home sales price, average weekly wages, and inflation since 2005 level

Note: In January 2005, the indexes were set to 100.

Key observations

Across all housing types, benchmark prices have tripled and quadrupled over the past 20 years across the region. Meanwhile, rents, wages, and inflation have increased much more slowly.
Specifically, single-detached homes increased the most — by 314% in the Fraser Valley and by 292% in Greater Vancouver — since 2005. Meanwhile, apartments, semi-detached, and row houses in both real estate areas increased by 200% – 240%.
Over the past year (2023 – 2024), benchmark prices have remained relatively stable — increasing by 3.6% at most.

Benchmark sale price by structure type across the region

Notes

The glossary provides definitions of each technical term, ensuring consistent interpretation.
Jurisdiction and Metro Vancouver totals may not equal the sum of individual values due to rounding, data suppression, or the omission of smaller data points to maintain visual readability. If a geography is not listed or appears missing, the associated data was either unavailable or did not meet reporting thresholds.
Proportion percentages are calculated using available data and may exclude instances of missed or suppressed data.
Geographic areas used by the Real Estate Boards are not reflective of regional government boundaries. The Fraser Valley Real Estate Board includes Abbotsford, Mission, Langley**, Surrey**, White Rock**, and Delta (North; excluding Ladner). Greater Vancouver Realtors includes Bowen Island, Burnaby*, Coquitlam, Ladner — Delta (South), Maple Ridge, Pitt Meadows, New Westminster, North Vancouver**, Port Coquitlam, Port Moody**, Richmond, Vancouver (East and West), and West Vancouver**.
* For 2014 – 2024, Burnaby data is reported for three sub-areas of Burnaby. For the purposes of this table, a non-weighted average of the three sub-areas is used.
** Langley includes both the City and Township of Langley, North Vancouver includes both the City and District of North Vancouver, Port Moody includes Belcarra, West Vancouver includes Howe Sound, and Surrey does not include South Surrey, which is reported in the group, "South Surrey and White Rock".
Home sales in Greater Vancouver are tracked through the MLSLink® Housing Price Index® (MLSLink HPI®), which measures benchmark or typical home prices. The HPI, established in 1995, is modeled on the Consumer Price Index (CPI). Instead of measuring goods and services, the HPI measures the change in the price of housing features. Therefore, the HPI measures typical, pure price change (inflation or deflation). The benchmarks represent the price of a typical property within each market. It takes into consideration what averages and medians do not — features such as lot size, age, number of rooms, etc. These become the composite of the "typical house" in each area.
Each month’s sales determine the current prices paid for bedrooms, bathrooms, fireplaces, etc. and apply those new values to the "typical" house model.

Source
This information is from the Greater Vancouver Realtors and Fraser Valley Real Estate Board.

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