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It’s Spreading – Boom comes to the Suburbs!

It’s Spreading – Boom comes to the Suburbs!

Homes being assessed at worth a million dollars in Vancouver are on the up. Take Vancouver as a whole and some 28 per cent of all properties here currently sit valued at $1 million or more. And the suburbs are getting in the act too.

We have all known for some time that certain suburbs have always had $1 million-plus homes, places like the well-to-do West Vancouver, Richmond and Burnaby; also districts, city areas and suburbs of North Vancouver and White Rock have long been thriving but now we are seeing New Westminster and Port Moody getting up there and in on the act.

Even in districts where house prices have been soaring for some time, things are still getting better and better. In the City of Vancouver, there are more detached properties worth in excess of $1 million than not. Back in 2013, it was pretty much half and half, but now the City of Vancouver can boast as much as 62 per cent of all its detached properties being valued in excess of a million dollars.

The housing market throughout Vancouver is tearing up the form book and prices are rising with such ferocity that eyebrows are being raised from Vancouver’s east side all the way to Beijing and back.

In August 2015, houses that were actually sold in Vancouver’s east side went at averages of some 21 per cent higher than they did a year earlier. This could mean that if one’s detached home in Vancouver’s east side was valued at $1 million in August 2014, then it might worth nearer the $1.21 million mark around this fall 2015.

So what’s driving this latest boom? What is behind the surge in detached properties in Vancouver gaining value by the day? The local economy is doing really well in Vancouver and there seems to be no let up here, then we still have those extremely low interest rates that seem to be around for ever, plus there is foreign investment, mostly from China, that is driving up demand and finally, there are so few listings on the books on the estate agents at present – always a factor that will drive house prices in one upwardly direction.

Search your dream home in Vancouver and the suburb cities here. Or call Antonia Tong at 778.238.2836 for any home buying and selling question you might have.