Rising home prices in Vancouver and surrounding suburbs have been a constant hot topic over the past decade. However, it can be shocking to find that they have actually doubled in 10 years.
This means that if you bought a residential property that you bought 10 years ago, its value has likely doubled. The largest increase observed concerns townhouses.
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The Real Estate Board of Greater Vancouver shows that the benchmark home price is now $ 1,199,400. This is an increase of 95.6% from 10 years ago.
Looking at it in smaller time increments, that amount is up 14.7% from last year and 1.1% over the past month.
While townhouses are seeing the biggest increase in home prices in Metro Vancouver, the benchmark price increase is a composite of all types of homes, namely single-family homes, townhouses, and condos.
Distribution of types of houses and their increase:
- Detached houses: the benchmark price in October 2021 increased to $ 1,850,500. It has therefore increased by 20.5% since last year and 95.4% in 10 years.
- Co-ownership: the benchmark price in October 2021 was $ 746,400. This is an increase of 9.5% since last year and 96.9% in 10 years.
- Townhouses: its benchmark price now hovers around $ 1 million, with an October 2021 benchmark of $ 975,000. That means it has grown 18.5% from last year and a huge 102.2% increase in 10 years.
Regardless of what property you own, obviously home prices in Metro Vancouver were a good investment if you could enter the market at that time.
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