Just five years ago in 2011, the benchmark price of a detached home in Metro Vancouver was $848,645. An attached home’s benchmark price was $507,118 and an apartment condominium, $399,397, according to data from the Real Estate Board of Greater Vancouver.
Today that same detached home has a benchmark price (for Metro Vancouver) of $1,305,600, an increase of 53.8%. An attached home has a benchmark price of $569,600, an increase of 12.3% and an apartment is worth $545,600, an increase of 36.6%.
If you had bought that same home 40 years ago in 1975 when the average price in Greater Vancouver was $57,763, today your home would have increased in value 2,160%.
Population growth has driven price increases and the numbers are forecast to keep increasing, according to Urban Futures.
Metro Vancouver’s population will grow by 1.2 million residents to to 3.4 million by 2040.
Demand is forecast at 29,600 new housing units per year. This means prices will continue to climb with some usual seasonal dips.
Single family homes will remain the most preferred housing type – and in many areas of Metro Vancouver three units are permitted on one lot – the principal residence, a secondary suite and a laneway house.
Higher density will be a fact given that Greater Vancouver is geographically constrained by the Pacific Ocean, the North Shore Mountains and the Canada-US border. This results in high land prices and limited land available for development.
For information, contact a Royal Pacific Realty Group REALTOR®.