Metro Vancouver Real Estate
Re/Max released a report Monday stating that average homes prices rose 128% from 2000 to 2010.
“While supply and demand, population growth and rising foreign investment, have been the main underpinnings behind exceptional gains, revitalization — amid an aging housing stock — and new(er) construction are largely underestimated factors propping up housing values in Canada’s real estate hotspot,” the real estate company's Housing Evolution Report concludes.
Values were also boosted by smaller homes on valuable lots being torn down to build large, upper-end homes.
“With a significant proportion of older homes, renovation spending has been on the rise throughout the past decade — in tandem with home sales — as owners, vendors and purchasers breathe new life into Vancouver’s existing housing.”
The report said that the value of residential building permits issued nationally in the 10 years was $340 billion, while $450 billion was spent on renovations.
Condos now represent one in every two sales, with an average price of $457,887.
“Condominiums are undeniably the biggest game changer for real estate over the past decade, especially in British Columbia and Alberta, where they comprise 25 to 50 per cent of residential sales,” notes Elton Ash, regional executive vice-president, Re/Max of Western Canada.
“Average price in Greater Vancouver currently hovers at $791,332 — up 18 per cent year-to-date — and is expected to continue its ascent in the months ahead.”
This entry was posted on November 7th, 2011 | Posted in General