Do the math: Vancouver house prices will reach $7 million

Wednesday, June 4th, 2014

Frank O’Brien

The average detached house price on the West Side of Vancouver will reach more than $7 million within ten years, suggests Altus Group, one of Canada’s premier appraisal and valuation firms.

“If [the current] trend continues, in the year 2024 the average price for older [detached housing] stock could be greater than $2 million on the Eastside and $7 million on the Westside of Vancouver. We are not saying this will happen, we are simply applying the math from the past decade and extrapolating forward to the next decade,” said Pedro Tavares, Altus Group’s director of research, valuation and advisory.

An Altus study released this week looking at Vancouver house prices notes that 10 years ago the average older detached house on the Eastside sold for $416,674. Today the average price is $942,555.

In 2004, the average Westside older detached house sold for $835,101.

This March the average price was $2.48 million.

New house prices have seen a similar price increases, rising from $576,900 on the Eastside to $1.28 million 10 years later; and, on the Westside, rising from $1.14 million in 2004 to $3.41 million today, Atlus reports.

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