If you bought a detached home in East Vancouver a decade ago, you have lots of reasons to be happy about your purchase.
In November 2020, the value of a typical single-detached residence on this side of the city came to $1,533,600.
Compared to October this year, last month’s price represents a 1.7 percent increase.
That doesn’t seem much, but when you look back 10 years, it’s a totally different picture.
Your house grew in value by 111.8 percent.
This means that if you bought a freestanding home in 2010 for around $750,000, you can count yourself basically as a millionaire now, based on the worth of your home.
Homes on the east side of Vancouver pale when compared to the more affluent west side.
In November 2020, the price of a typical west side detached home totalled $3,122,100, a 72 percent increase over a decade ago.
The appreciation of home values can be seen in the latest report by the Real Estate Board of Greater Vancouver (REBGV) about the residential market in November 2020.
The board covers Vancouver, Burnaby, New Westminster, Coquitlam, Maple Ridge, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, North Vancouver, West Vancouver, Squamish, Sunshine Coast, and Whistler.
All in all, the region saw home sales totalling 3,064 in November 2020.
That’s a 22.7 percent increase from the 2,498 sales recorded in November 2019, and a 16.9 percent decrease from the 3,687 homes sold in October 2020.
REBVG chair Colette Gerber noted in a media release Wednesday (December 2) that demand has been “at near record levels in our region since the summer”.
“This is putting upward pressure on home prices, particularly in our detached and townhome markets,” Gerber said.
Sales of detached homes in the REBGV region in November 2020 totalled 1,061, a 28.6 percent increase from the 825 detached sales recorded in November 2019.
According to the board, the benchmark price for a single-family detached home reached $1,538,900, a 9.4 percent increase from November 2019 and a one percent increase over October 2020.
Attached home sales last month totalled 632, a 40.1 per centincrease compared to the 451 transactions in November 2019.
The price of typical attached home rose to $814,800 last month. This shows a 5.6 percent increase from November 2019 and a 0.2 percent improvement over October 2020.
Meanwhile, sales of condo or apartment homes totalled 1,371 in November. This represents a 12.2 percent increase compared to the 1,222 sales in the same month last year.
The price of a typical condo in REBGV areas was $676,500. This figure means a 3.4 percent increase from November 2019 and a one percent decrease compared to October 2020.