Bing Thom Architects has released its fourth annual map of $1-million properties in Vancouver.
The obvious conclusion one will draw from the 2015 edition is expected: the proportion of single-family homes costing $1 million or more continues to rise.
The image above illustrates the distribution of these properties in 2015 and the image below, in 2010. The blue marks homes valued at over $1 million and the red notes those costing less than seven figures.
Here are some of Yan’s observations:
There is no longer a distinct $1 million line in the City of Vancouver, but rather clusters of sub-$1 million Single Family Properties (SFP) surrounded by a rising tide of $1 million and above SFPs.
In 2015, 66 percent of all Single Family Properties in the City of Vancouver have a total assessment of over $1 million. In 2010, when adjusted for inflation, 33 percent of all SFPs in the City of Vancouver were assessed at more than $1 million.
The number of luxury properties (worth over $5 million) nearly tripled from 1,282 in 2015 to 373 in 2010.
There are no longer any single family properties in the City of Vancouver with total assessments under $500,000 in 2015.
Between the 2015 to 2010 Assessment Years, the fastest growing value category were homes assessed at between $4 million to $5 million grew by 408% followed by homes between $3 to $4 million by 363% and homes worth more than $5 million which grew by 243%.
The only value category to decline in number were single family properties under $1 million by 45%.