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.

For the lastest real estate market activity summary, please click on the following links:

Metro Vancouver Housing Market Activity November 2016

Ladner Housing Market Activity November 2016

Tsawwassen Housing Market Activity November 2016

Detached home sales in Ladner were down for the month of July (15) when compared to the same month last year (24). The highest priced home sold for $1,688,000 (5138 Bentley Drive) and the lowest priced home sold for $480,000 (5 3871 River Road). Two homes sold above their asking price and two homes sold at their asking price.  The average sales price in Ladner for July was $1,048,286 (July 2014 average $779,988).  Currently there are 105 listings on the market compared to 85 at the end of July. As of today the highest priced listing is $15,375,000 (5039 112th Street) and the lowest priced listing is $80,000 (#5-3350 Westham Island Road).  The average list price is $1,077,200.

Recent Sales:
3729 Arthur Drive     Asking $899,000        Sold $800,000

4758 45th Ave           Asking $958,000        Sold $920,000

5303 Laurel Dr         Asking $1,068,800     Sold $1,068,800

5855 Cove Reach    Asking $1,380,000     Sold $1,380,000

5379 Windjammer    Asking $1,588,800     Sold $1,540,000

For condominiums and townhouses, the number of sales were also down for July 2016 (13) when compared to July 2015 (17).  The highest priced condo/townhouse sold for $1,089,900 (#14 5510 Admiral Way) and the lowest priced condo/townhouse sold for $313,800 (#202 4747 54A Street). The average sold price was $641,300. Currently there are 49 active listings for condo / townhouses in Ladner compared to 53 last month.  The highest priced listing currently is $990,000  (#57 5900 Ferry Road) and the lowest priced listing is $290,000 (#109 4728 53rd St).