Rising house prices in Vancouver and the surrounding suburbs has been a constant hot topic in the last decade. However, it may be shocking to note that they have actually doubled over 10 years.
That means if you purchased a residential property purchased 10 years ago, it has likely doubled in value. With the biggest increase seen is in townhouses.
The Real Estate Board of Greater Vancouver shows that the benchmark home price is now $1,199,400. This is a 95.6% increase compared to 10 years ago.
When looking at it in smaller time increments, that amount increased 14.7% from last year, and 1.1% over the last month.
While townhomes are seeing the biggest jump in house prices in Greater Vancouver, the benchmark price jump is a composite of all types of homes, namely detached, townhouses, and condos.
Breaking up the types of homes and how much they increased:
- Detached houses: the benchmark price in October 2021 increased to $1,850,500. Therefore it went up 20.5% since last year and 95.4% in 10 years.
- Condos: the benchmark price in October 2021 was $746,400. That is a 9.5% increase since last year, and 96.9% in 10 years.
- Townhouses: its benchmark price now floats around $1 million, with the October 2021 benchmark at $975,000. That means it has gone up 18.5% since last year and a whopping 102.2% increase in 10 years.
Regardless of what property is owned, it’s apparent that house prices in Greater Vancouver were a good investment if you were able to get into the market then.
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