Sun
For all the talk of an over-heated real estate market, and despite million-dollar homes on 33-foot west-side lots, Vancouver rated 16th among 16 Canadian cities in terms of house price appreciation in the last decade.
According to figures released Tuesday by Re/Max, average price for a residence in Vancouver rose 19.1 per cent from the first quarter of 1995 to the same period in 2005, from $332,003 to $395,390.
Highest-ranking B.C. city was Kelowna, fifth at 76.1 per cent. Victoria placed eighth, with a price rise of 66.1 per cent.
Of the 16 upward-appreciating cities, Vancouver had the highest average 2005 house price. followed by Victoria at $352,825, then Toronto at $330,093.
In unit sales, Victoria led B.C. regions with a 114.3-per-cent rise in units sold. Vancouver was 10th (83.2 per cent) followed by Kelowna, 11th at 80 per cent.s.
In Vancouver, house prices fell from 1995 to 1999, rose and fell for the next two years, before climbing steadily since 2002. Both Kelowna and Victoria experienced moderate growth from 1995 to 2002, then rose dramatically.
Vancouver‘s rise is partly from baby boomers selling homes for smaller, luxury condominiums and townhouses. Hot areas were the downtown waterfront, Yaletown, the Main /Cambie Corridor, Steveston and Fort Langley.
The hottest areas in the Victoria area were Colwood, Langford, Highland and View Royal.
© The Vancouver Sun 2005
