Greater Vancouver House Prices Have Doubled in the Past 10 Years

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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.

RELATED: 46% of BC Homeowners Are Thinking of Leaving The Province & Getting Out of The Market

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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