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Metro Vancouver Property Values Continue to Rise

on 13 January 2016
Metro Vancouver Property Values Continue to Rise

Metro Vancouver has been experiencing a vast growth in home values.

Recent property assessments in British Columbia are beginning to show a gap between parts of Vancouver and resource-dependent areas in the northern portion of the province. The rise in Metro Vancouver home values means that 55,000 will not be receiving the provincial homeowners grant; these homes are now being valued between $1.1 million and $1.25 million.

 The Vancouver real estate board provided statistics showing an average home in Vancouver during November for $752,500. Sales were 46% above the 10 year average for November, making it the second highest on record. First time home buyers especially are feeling the pinch as a result of these continued steep increases.

“Bidding wars are becoming more common, and Vancouver is having a tough time keeping up with the demand, there seems to be no stop of this anytime soon.” Says Dan Morrison, president-elect of the Real Estate Board of Greater Vancouver.

In a recent survey from the Canadian Association of Mortgage Professionals - Fall Survey, indicated that rates continue to remain very low, with the average interest rate for mortgages on homes purchased during 2015 of 2.80%. Compare that to 3.50%, the average interest rate in the 2013 fall survey. Even with the recent guideline changes requiring higher down-payments, homeownership continues to be a strong driver for Canadians and a cornerstone long term investment.