Vancouver's West Side Average Detached Price Could Be $7 Million?

(June 10, 2014 )

Some of our team members here at The BC Home Hunter Group grew up in Vancouver west side what seems a thousand years ago. For over a decade we have also been very accurately forecasting Western Canada real estate peaks and inverted peaks. 

It is no surprise to us that Vancouver and it's West Side neighbourhood real estate is hyper sought after and hyper expensive. Now one of Canada's premier appraisal and valuation firms is speaking out and predicting the average detached house price on the West Side of Vancouver will reach more than $7 million within 10 years. What do you think, is that accurate?

“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 East Side and $7 million on the West Side 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 East Side sold for $416,674. Today the average price is $942,555.

In 2004, the average West Side 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 East Side 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.

Our team of real estate industry professionals from our licensed Realtors, led by our sales manager Mandeep Sendher to our non licensed team members led by our business manager, Robert Pybus, all have one goal in common, to provide each and every one of our amazing clients and their families with the highest calibre real estate services and experience we can! Call or email our passionate team to buy or sell your home any time, 604.767.6736.

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