Maps reveal growth of $1-million homes in Vancouver from 2010 to 2015
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.
The maps were created by Bing Thom Architect’s Andy Yan and rely on information available through the City of Vancouver’s Open Data Catalogue.
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%.
NO single family properties under 500k
Mar 17, 2015 at 11:12am
"There are no longer any single family properties in the City of Vancouver with total assessments under $500,000 in 2015"
In fact there are no longer any single family properties in the City of Vancouver period.
Vision Vancouver quietly changed the meaning of Single Family Residential designation when it ruled that such designation allows a laneway house as well as the main residence on all such property.
Of course, that helps to increase the price of such a property whether the lane house sunk investment has to be recovered at sale or whether the buyer must pay for the future opportunity of a lane house rental property onsite.
Not that VV minds. It is committed to DENSITY and glass towers.
Prices will fall when they have finally made Vancouver look like any other 'sustainable development' region and the trees are gone, the neighbourhoods are gone, and there is no personal transportation beyond a bicycle. (Except for the well heeled Point Grey crowd).
Mar 17, 2015 at 11:34am
The boomers sold Vancouver to the highest bidder, to finance their retirement. It's on its way to becoming a half-empty city of second-homes for the global 1%, a sort of urban cottage-country. There's no stopping it now.
It's also hard not to notice that Vancouver real estate values started their ramp-up only a year or two after the notoriously corrupt pump-and-dump Vancouver stock exchange was closed down. Did the scammers involved in that just move on to pump-and-dumping the city itself?