Homes worth less than $1M are almost impossible to find in Vancouver

Home owners in Vancouver are being considered as millionaires according to reports from BC an assessment analyzed by urban planner Andy Yan. This is as a result of the fact that virtually all the homes worth less than $1 million have been sold out.

Data shows that 99.75 of homes in Vancouver are valued over $1 million in 2016. This is a95 increase from the previous years as repots for 2015 shows 91% of homes were above $1 million.

Before this, Yan explained that there was the “$1 million line”. It was a comparison of homes that were above and below $1million.

In the past, Yan considered the $1million as a average value for homes in the city in regards to the sentiment held by Canadians about this amount. $1 million in Canada was considered as a “luxury real estate” for many.

But between 2016 and 2017, the BC Assessment indicates that the average home price in Vancouver rose by 32% and home are presently sold over $326 billion.

This takes Yan to look back at home prices in 2006 when there was only 19% of homes worth over $1 million in the market. But this seems like a distant memory for Vancouver where home prices have grown above 152%.

Ironically, the average household earnings in Vancouver rose by a mere 24$ from $63,600 in 2016 to $78,870 in January.

The high home prices have led many to question what steps should be take to cool down home prices.  According to Yan it is not a simple question to tackle.  Measures should be taken on both the demand and supply end to tackle the issue at hand.