AVERAGE VANCOUVER BUNGALOW PRICE HITS $500,000

The extended version of this article can be found in Tuesday, October 4th's, Vancouver Sun newspaper.

The average price for a Vancouver bungalow hit almost $500,000 in the third quarter of 2005. The Royal LePage survey shows that the price of the average Vancouver bungalow rose 8.8%, year over year, to reach $499,667.The report said that Victoria led the country in price appreciation for the third quarter in a row. Vancouver, however, remained the most expensive. Regionally the average bungalow on Vancouver's Westside hit $775,000, topping even West Vancouver, which saw the average bungalow go up 6.9% to $695,000.Nationally, the average price of a standard bungalow had the highest appreciation in the third quarter of the year, rising by 7.4% from a year earlier to $265,405. The report stated that most of the major price increases were in Western Canada where high oil and gas prices have resulted in a booming economy and where the relative number of homes for sale was lowest.