Just how much has the housing market in Vancouver changed over the last five years? According to Vancouver Realtor Ariane Benjamin, attached properties such as condos and townhouses in Vancouver have varied in price from 52 to 70% between 2013-2017.
“The rate of growth really depends on the location,” explains Ariane. “For example, over the last 5 years, the average price of a condo or townhouse downtown has increased by 70%. In Coal Harbour it was 52%, while property values in the West End and Yaletown both increased by about 63%.
The numbers, produced and published by SnapStats in January, analyzes market trends, sales to active listing ratios, and month-to-month comparisons to provide cohesive real estate statistics and data.
“On average, these properties have seen prices per square foot escalate from $623 in 2013 to $1029 last year,” says Ariane. Another interesting observation is how long these properties stay on the market. On average, active listings have dropped from about 30 days on market to about 10 days. Overall, condos and townhouses in Vancouver have become a very active segment.
No one is quite sure how the housing market will hold up going forward. In mid-January, Canada’s “big six” all raised mortgage rates to 5.14% from 4.99%. This, combined with a new mortgage stress test, had many experts predicting a dip in home sales at the start of 2018.
However, as a Vancouver realtor who specializes in townhouses, this simply hasn’t been the case for Ariane.
“I’ve actually seen more activity and inquiries through my website compared to this time last year,” she says. “There are more people looking at townhouses and condos, because even though these properties are also expensive, they’re still within reach, relatively speaking.”