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).

Detached home sales were down for July 2016 (20) when compared to the same month last year (31).  Four homes sold above their asking price and two homes sold at their asking price. The highest priced home sold for $2,650,000 (43 67th Street) and the lowest priced home sold for $925,000 (1637 Duncan Drive).  The average sales price for July was $1,537,340 (July 2014 average $886,594).  As of today there are 135 active listings on the market compared to 124 listings at the end of July. The highest priced listing currently is $7,888,000 (1160 Boundary Road) and the lowest priced listing is $888,000 (866 56th Street). The average list price is $1,599,730.

Recent Sales:

Detached home sales in Ladner were up for the month of June (37) when compared to the same month last year (31). The highest priced home sold for $9,800,000 (6785 62B Street) and the lowest priced home sold for $333,000 (9680 Ladner Trunk Road). Nine homes sold above their asking price and one home sold at its asking price.  The average sales price in Ladner for June was $1,292,021 (June 2014 average $694,676).  Currently there are 85 listings on the market compared to 86 at the end of June. As of today the highest priced listing is $11,500,000 (2990 57B Street) and the lowest priced listing is $80,000 (#5-3350 Westham Island Road).  The average list price is $1,404,975.

Recent Sales:
4813 44th Ave           Asking $699,900       Sold $695,000

5917 Crescent Dr     Asking $888,000       Sold $888,000

5195 Bentley Place  Asking $1,088,000    Sold $1,086,000

5465 Grove Ave       Asking $1,599,000    Sold $1,585,000

3540 Arthur Drive     Asking $2,488,800    Sold $2,348,000

For condominiums and townhouses, the number of sales were really up for June 2016 (31) when compared to June 2015 (12).  The highest priced condo/townhouse sold for $998,000 (#111 5900 Ferry Road) and the lowest priced condo/townhouse sold for $329,000 (#103 4768 53rd Street). The average sold price was $682,253. Currently there are 53 active listings for condo / townhouses in Ladner compared to 54 last month.  The highest priced listing currently is $980,000  (#57 5900 Ferry Road) and the lowest priced listing is $290,000 (#109 4728 53rd St).

Detached home sales were down for June 2016 (41) when compared to the same month last year (45).  Six homes sold above their asking price and two homes sold at their asking price. The highest priced home sold for $2,438,000 (5087 Cliff Drive) and the lowest priced home sold for $995,000 (1376 Duncan Drive).  The average sales price for June was $1,428,738 (June 2014 average $767,376).  As of today there are 124 active listings on the market compared to 135 listings at the end of June. The highest priced listing currently is $7,888,000 (1160 Boundary Road) and the lowest priced listing is $940,000 (4684 Fox Lane). The average list price is $1,470,115.

Recent Sales: 

Detached home sales in Ladner were down for the month of May (21) when compared to the same month last year (28). The highest priced home sold for $1,128,500 (4606 63rd Street) and the lowest priced home sold for $720,000 (5547 Tidewater Bay). Seven homes sold above their asking price and four homes sold at their asking price.  The average sales price in Ladner for May was $970,544 (May 2014 average $769,010).  Currently there are 86 listings on the market compared to 90 at the end of May. As of today the highest priced listing is $13,200,000 (6785 62B Street) and the lowest priced listing is $80,000 (#5-3350 Westham Island Road).  The average list price is $972,223.

Recent Sales:
4408 Maple Lane      Asking $829,000     Sold $825,000

4546 61st Street        Asking $888,900      Sold $950,000

6389 Sunrise Lane   Asking $999,900      Sold $1,013,133

4943 59th Street        Asking $1,098,000   Sold $1,095,000

4873 42B Ave            Asking $1,098,000   Sold $1,098,000

For condominiums and townhouses, the number of sales were down for May 2016 (16) when compared to May 2015 (25).  The highest priced condo/townhouse sold for $789,000 (#6 4766 55B Street) and the lowest priced condo/townhouse sold for $398,000 (#109 4745 54A Street). The average sold price was $629,500. Currently there are 54 active listings for condo / townhouses in Ladner compared to 43 last month.  The highest priced listing currently is $899,900  (#8 5510 Admiral Way) and the lowest priced listing is $319,000 (#107 4926 48th Ave).

Detached home sales were up slightly for May 2016 (47) when compared to the same month last year (43).  Six homes sold above their asking price and six homes sold at their asking price. The highest priced home sold for $2,155,000 (1277 Malvern Place) and the lowest priced home sold for $795,500 (1486 View Crescent).  The average sales price for May was $1,317,061 (May 2014 average $885,363).  As of today there are 135 active listings on the market compared to 138 listings at the end of May. The highest priced listing currently is $7,888,000 (1160 Boundary Road) and the lowest priced listing is $940,000 (4684 Fox Lane).  The average list price is $1,335,376.

Recent Sales: