Last month, the benchmark price for a single-family detached home on Vancouver’s relatively affordable East Side (emphasis on “relatively”) surpassed $1.5 million for the first time. Houses in Richmond and Burnaby are similarly priced with the benchmarks exceeding $1.6 million. On Vancouver’s west side, teardowns are selling for multiple millions of dollars.
The sticker shock associated with those properties means it’s understandable that is where the bulk of people’s attention will focus. But real-estate prices out in the suburbs are now rising just as rapidly or, in some areas, even faster, than they are in the region’s first city.
As more young people are priced out of Vancouver and in turn look to the suburbs, they may arrive there to find their financial situation isn’t looking much better.
According to the Real Estate Board of Greater Vancouver (REBGV), the benchmark price for a single-family detached home in New Westminster surpassed $1 million for the first time last May. Two months later, it sits at $1.1 million.
In Coquitlam, the benchmark for a single-family detached home has increased 41.5 percent over the last year, a few points faster than price increases in Vancouver. In June, the benchmark for a house in Coquitlam was $1.2 million.
If you don’t have $1 million, you might want to rush to Port Coquitlam. There, the benchmark for a single-family detached house still sits just under that demarcation, at $916,000. Nearby, in Port Moody, it’s already up at $1.38 million.
The Fraser Valley Real Estate Board (FVREA) provides stats for suburbs slightly further afield.
According to its data for June, the benchmark price for a single-family detached house for the area it covers is a slightly less ridiculous $862,000.
In Delta (north), the benchmark in June was up by nearly a third from one year earlier, to $906,000.
The benchmark price for a single-family detached home in the City of Surrey was $982,000, up 42.3 percent from June 2015.