The market in the Greater Vancouver area has been very busy these past 4 years and recent statistics show just how incredible the appreciation of homes has been. The popularity of the Lower Mainland boomed once we had officially won bid to host the Olympics and since 2010 it has kept increasing.
Detached homes are extremely popular as it a sellers market with buyers in bidding wars at record high sale prices. From homes to Vancouver West to Coquitlam we have seen above listing price sales with properties attracting tons of buyers and lots of offers.
“These stats really showcase how much of an increase there has been in a relatively short amount of time. One of the trends we noticed in suburbs and basically everywhere is the more expensive neighbourhoods are the ones that went up the most. For example in New Westminster in the neighbourhood where detached homes appreciated the most over time was Queens Park which had a 24% gain over the past 4 years from 2010 to 2014 compared to the New Westminster city average of 18%. Deer Lake area in Burnaby had the highest average sale price in 2014 of overall Burnaby with the average sale price of $1.7 Million which is astonishing for Burnaby.”
Detached Home Appreciation 2010-2014
West Vancouver – 37.9%
Vancouver East – 40.7%
Vancouver West – 42.3%
Burnaby – 32%
New Westminster – 18%
Coquitlam – 20%
Port Moody – 15%
“A few other stats to note Condos are up as well but not nearly as much as homes. Burnaby is up 4%, New Westminster gained 5%, & Port Moody increased by 5%. Not a huge gain for condos in suburbs.”
“Being 2015 now and the market has been insane but there is not enough data to reflect what is going on other than the pure craziness. For detached homes I would say we are up even further from 2014. There are record sale prices going on all the time, bidding wars everywhere. I can’t wait to see what stats are released after 6 months of this to see where things are actually at. There haven’t been that many sales here in February but I have seen what would have been considered a $700,000 home last year sell for $800,000 this year and what was $900,000 last year sell for $1,000,000 or $1,050,000 this year. There is just record setting prices everywhere and this is mainly for detached homes. It is a little bit difficult to be a buyer right now but great to be a seller! We are really looking forward to checking out the year end info for 2015 to see how this intense market will reflect in the stats.”
For more info on Greater Vancouver market stats Click Here.