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It’s been a wild ride, and it’s only going to get wilder—and no, we’re not talking about the latest in avocado toast trends. We’re talking about the dizzying changes in Vancouver’s real estate prices (although avocado toast is admittedly essential to life in this city).
Over the past five years, the rise of real estate in Vancouver has been beyond staggering, sending single family home, condo and townhouse prices soaring. With such constant fluctuations, it’s hard to tell how much your own home is now worth. As usual, the internet has the answer. RE/MAX has just launched a free online B.C. Home Estimate Tool, which prompts you to simply enter your address in order to estimate how much your home is worth.
To put your home’s value into perspective, let’s take a look at how property prices in four of Metro Vancouver’s main neighbourhoods have changed over the past five years, based on information from the Real Estate Board of Greater Vancouver (REBGV).
The real estate grouping of Vancouver West takes in everywhere from Olympic Village to Point Grey, as well as the West End and Yaletown.
Back in April 2013, condos in this area were relatively cheap, with apartments in Vancouver West selling for an average $474,000, according to the REBGV. Meanwhile, the cost of a typical townhome was $721,300 and a single-family home would set you back $2,066,900.
As you might imagine, the difference today is pretty astounding. An apartment in Vancouver West now costs $841,700 on average, up 78 percent in five years. But townhomes and single-family properties are no slouches in this super hot market, either. A typical townhome now sets you back $1,302,200 in Vancouver West, up 81 percent from what it cost in 2013. Meanwhile, the average single-family home here is now expected to fetch $3,404,200.
Covering everywhere east of Ontario Street, Vancouver East includes neighbourhoods like Mount Pleasant, Strathcona, Chinatown, Sunset and Hastings-Sunrise.
The East Side is known for the lower cost of its real estate and 2013 was no exception, with property prices averaging just over $600,000. Condos were a bargain, setting buyers back $305,000 on average; townhomes cost about $525,800 and single-family homes went for $827,500.
Five years on, the type of skyrocketing home prices seen in Vancouver West have headed east, with homes there now costing more than a million dollars.
Condo prices have similarly increased, selling for an average $574,700—a jump of 88 percent in five years. Meanwhile, townhomes fetch $933,500 and single-family homes are estimated to sell for $1,544,100.
The City of West Vancouver has long been the bastion of millionaires and wealthy skiers, so how dramatically could things have changed over the years?
Back in 2013, a condo would set you back $736,100 and a typical single-family home sold for $1,840,000.
Fast forward five years and West Vancouver real estate is more valuable than ever. As more condo developments spring up, the average West Vancouver apartment there now sells for $1,295,900, while single family homes sell for $3,054,000.
The City of North Vancouver is often seen as a cheaper alternative for snowboarders, skiers and hiking enthusiasts. Back in 2013, a typical home sold for just over $650,000.
Condos were economical, with apartments fetching $353,300. The average townhome would set you back $598,400, or you could splurge on a single-family home for $952,100.
With many downtown residents looking to move and invest across the water, prices have risen dramatically. Homes in North Van now go for more than a million dollars, which demonstrates a 75 percent increase from 2013.
Condos are on the rise, with units costing around $611,900—an increase of 73 percent in just five years. Townhomes aren’t far behind, costing an average $1,030,900. Meanwhile, a single-family home will sell for $1,703,400, showing a huge increase of 79 percent in the past five years.
So what does all this mean for you? Whether you’re interested in relocating to another area of the city, or just curious how much your current home is worth, RE/MAX’s B.C. Home Estimate Tool could certainly come in handy. If the last five years are anything to go by, you might just be astonished by the results.