Homeowners in Vancouver See Big Jump in Property Values

Assessed single-family detached property values in parts of Greater Vancouver have increased a minimum of 15 per cent over a one year period as the region's real estate market sizzles.

The recent percentage gains for detached houses are amid the highest in the last 35 years. These detached houses include high-end properties to tear-down properties that mostly have land value. Industry observers indicate that many detached homes within the City of Vancouver show increases of $200,000 to $400,000 for the year.

According to statistics from the Real Estate Board of Greater Vancouver, the average price for detached properties sold within the City of Vancouver hit a record $2.53 million in November 2015. The median price for detached properties sold in November reached $1.31 million on the East Side of the city and $3.1 million on Vancouver's west side.

Vancouver, particularly the city's west side is known for attracting high-end home buyers from China. Factors such as a strong economy, low interest rates and a limited supply of listings have also encouraged the real estate boom. Adding to these factors, the buying madness is further fuelled by the location where the region is surrounded by the ocean, mountains, agricultural land reserve and the US border.

Reference: The Globe and Mail

http://www.theglobeandmail.com/…/lululemon…/article27995606/