Think Seattle real estate is expensive? Try Vancouver

People begin gathering on Sunset Beach mid-morning for 420 Vancouver, in Vancouver, B.C. on Wednesday, April 20, 2016. People begin gathering on Sunset Beach mid-morning for 420 Vancouver, in Vancouver, B.C. on Wednesday, April 20, 2016. Photo: GRANT HINDSLEY, SEATTLEPI.COM Photo: GRANT HINDSLEY, SEATTLEPI.COM Image 1 of / 1 Caption Close Think Seattle real estate is expensive? Try Vancouver 1 / 1 Back to Gallery

Seattle may be one of the 10 most expensive real estate markets in the United States, but the Emerald City has nothing on Vancouver, British Columbia.

A news release from the Real Estate Board of Greater Vancouver reports that home prices in the Canadian city have increased 30.1 percent since April 2015, bringing the benchmark price for single-family homes to $1,091,517.30 U.S. (or $1,403,200 Canadian).

The benchmark price is a measurement that represents a typical property in Vancouver and takes into account factors -- such as lot size, home age, and number of rooms -- that are often left out by averages and medians. The resulting figure forms a more accurate picture of the market.

The city's low housing supply is part of the reason for the nearly one-third increase in benchmark price. The total number of properties listed for sale on the MLS system in metropolitan Vancouver is 7,550, which is a 39.3 percent decline compared to April 2015.

"While we're seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of demand in our marketplace," said REBGV president Dan Morrison in a news release. "Home buyer competition remains intense across the region."

In Seattle, the median sale price for single-family homes increased 25.7 percent from March 2015 to March 2016, from $517,000 to $650,000, according to Redfin. Keep in mind that is not a one-to-one comparison with Vancouver, since the Seattle figure refers to the median sale price while the Vancouver figure refers to a benchmark price.