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ALMOST HALF HOMES IN METRO VANCOUVER VALUED OVER     $1 MILLION

 

Eric Zimmer Dec 22, 2016

Daily Hive

 

The percentage of homes in Metro Vancouver valued at more than $1 million, rose from 28% to 43% this year.

 

Those are the latest findings in the annual ‘million dollar line’ report, released on Wednesday, and conducted by SFU researcher, Andy Yan.

 

“It’s a sizeable percentage increase,” Yan told Daily Hive. “It really shows the state of single family homes in Vancouver and how it’s exiting the reachability of middle incomes in Metro Vancouver.”

 

The study also looks at lower home prices outside the city, with an eye to other factors as well – such as transportation.

 

“The cost of transportation can actually be an iceberg to affordability in the region,” Yan said.

LOOKING AHEAD

With the jump in percentage this year, is the Metro Vancouver housing market too far gone, or is there a way to slow it down and reign it in?“I don’t know, but I don’t think so,” Yan answered, noting things should become more clear next month, when the 2017 assessment gets released.

 

But beyond just simple affordability, he said, there should be a shift in the discussion over the idea of what a “single family” home means.

 

It’s entirely  possible the traditional form and idea of of a single family home in Metro Vancouver is “pretty much over,” Yan said.

 

Instead, people are going to have to start thinking about how to create “a series of housing choices for families that will be more dense, but also have a high level of design.”

 

This, he said, would encourage people to have families in denser quarters. “I think it’s important to note that as we suggest the need to densify that the design – and surrounding neighbourhood – needs to play a role in that as well.”

The latest findings also speak to the challenge of “being a young person in the region and those trying to establish their households.”

 

And while there’s the temptation to head for the suburbs in search of more affordable housing, it’s not about just dealing with the housing affordability issue, Yan furthered.

 

“This really highlights how affordability isn’t a number, it’s a calculation.” And in that calculation, he noted, people also need to take into account things like transportation and the number of high-quality jobs in the region.

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Tsawwassen Housing Market

 

Detached home sales really dropped down for November 2016 (18) when compared to the same month last year (39).  One sale was above its asking price while all the rest were below their asking price.  The highest priced home sold for $2,100,000 (Beach Grove Road) and the lowest priced home sold for $918,000 (Whitcomb Place).  For these homes that sold the average days on market was 46 days.  As of today there are 120 active listings on the market compared to 138 listings at the end of November. The highest priced listing currently is $7,888,000 (1160 Boundary Road) and the lowest priced listing is $799,000 (1468 Village Greens Wynd). The average list price is $1,279,111.

% of Asking Price
November 2016 - 88.7%
November 2015 - 98.7%
November 2014 - 94.2%
November 2013 - 94.7%

 

Average Sales Price
November 2016 - $1,199,058
November 2015 - $1,271,970
November 2014 - $999,882
November 2013 - $663,261

For condominiums and townhouses, the number of sales were also down for the month of November 2016 (8) when compared to November 2015 (15).  The highest priced condo/townhouse sold for $1,430,000 (3rd Avenue) and the lowest priced sold for $390,000 (55th Street). The average sold price was $840,250. Currently there are 36 active listings for condos and townhouses in Tsawwassen (42 last month).  The lowest priced listing is $318,000 (#319 5518 14th Ave) and the highest priced listing is $3,778,000 (#604 5055 Springs Blvd).

Average Sales Price
November 2016 - $840,250
November 2015 - $488,693
November 2014 - $453,000
November 2013 - $320,152
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Ladner Housing Market

 

Detached home sales in Ladner were slightly down for the month of November (12) when compared to the same month last year (14). The highest priced home sold for $1,330,000 (Central Ave) and the lowest priced home sold for $850,000 (55B Street). One sale was at its asking price while the rest of the sales were below their asking price. For the homes that sold last month the average days on market was 61 days. Currently there are 92 listings on the market compared to 105 at the end of November. As of today the highest priced listing is $15,375,000 (5039 112th Street) and the lowest priced listing is $358,000 (#27 3871 River Road).  The average list price is $1,108,383.

% of Asking Price
November 2016 - 84.7%
November 2015 - 99.2%
November 2014 - 97.1%
November 2013 - 91.3%

Average Sales Price
November 2016 - $1,198,379
November 2015 - $950,606
November 2014 - $759,636
November 2013 - $717,593

For condominiums and townhouses, the number of sales were up for November 2016 (10) when compared to November 2015 (4).  The highest priced condo/townhouse sold for $799,900 (Admiral Way) and the lowest priced condo/townhouse sold for $359,400 (53rd Street). The average sold price was $507,485. Currently there are 56 active listings for condo / townhouses in Ladner compared to 68 last month.  The highest priced listing currently is $999,000  (#24 5510 Admiral Way) and the lowest priced listing is $356,900 (#108 4815 55B Street).

Average Sales Price
November 2016 - $507,485
November 2015 - $392,313
November 2014 - $386,676
November 2013 - $430,373
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