Back on January 2007 I read an analysis of Vancouver's average sale price for a detached house in the Lower Mainland.
In 1991 it was $190,185
In 2001 it was $195,763, in constant 1991 dollars
In 2006 it rose to $542,852
By 2030 the average price will be $723,776 or 2.03 times the 2001 price, according to a projection by Urban Futures' David Baxter.
Condo prices will follow a similar pattern, Baxter told a year-end CKHC conference, rising from $297,821 in 2006 to $385,129 in 2030.
These figures are calculated in 1991 dollars, so the actual cash price of a detached house by the time your toddler is a parent culd be more than $1 million, with the typical condo selling for $600,000.
A key point to Baxter's projection: the population of the Lower Mainland by 2030 will be 3.76 million. This will keep the rental vacancy rate at or near the current rate of below 2%.
Major Point - The best possible long-term investment for your family is residential real estate in the Lower Mainland. The world is coming, prices are rising and land is scarce and that will not change over the next 25 years!
Buying or Selling Vancouver real estate? Contact Maggie - hyper-local experience!