In April 2006 the benchmark price of a detached home in Greater Vancouver reached $610,382, an increase of 21% over 2005 and an increase of 55.5% since 2004 and an increase of 79.5% since 2001. For Vanouver home buyers this isnt good news but for those who got their foot in the door a few years prior and have built home equity, then trading up is possible.
Back at the beginning of 2006 one could buy a condo in Burnaby, Coquitlam, Ladner, Maple Ridge, North Vancouver, New West, Pitt Meadows, Port Moody, Richmond, Tsawwassen and East Vancouver for less than $210,000! For the West Side the most affordable condo was $214,900 which required an annual household income of $47,222, based on 5.5% mortgage rate and 10% down.
Real estate buyers could purchase a house back in 2006 for less than $300,000 in Coquitlam, Ladner, Maple Ridge and Port Coquitlam if you had the require annual income of $65,922. If buyers raised the bar to $350,000 they could buy a house in East Vancouver, New West and Pitt Meadows.
History of Vancouver's Real Estate Average Sale Price
January 2006 - $515,000
January 2007 - $611,000
January 2008 - $656,000
January 2009 - $576,000
January 2010 - $756,000
January 2011 - $1,043,000
January 2012 - $986,000
January 2013 - $944,000
Buying or Selling Vancouver Real Estate? Put Maggie's hyper-local experience to work for you! Call 604-328-0077 today!