The Vancouver Sun has published Vancouver’s Million Dollar Map . This series of maps was produced by Acting Director of Simon Fraser University’s City Program Andy Yan, who wanted to understand when real estate prices for single-family homes started to skyrocket upward.
Andy found that in 2006, only 19 per cent of single-family homes in Vancouver were worth more than one million dollars. By 2016, 91 per cent of single-family homes in Vancouver were worth more than one million. And by the way, that figure includes land and improvement values and is based upon B.C. Assessment figures.
Andy Yan states “It’s a convergence of factors . There is a limited supply, low-interest rates, global capital. You also then have this both in Vancouver and outside of Vancouver, a rippling to places like Victoria and Kelowna. You have a real estate market that isn’t isolated, but that is spurring a (wider) land market.”
The map below shows the spread of million dollar residences eastward from 2010 to 2015. Those residences are in blue. It is interesting to see that residences along the commercial arterials were the last properties under one million dollars on the west side in the 2010 map. By 2015, most westside single-family properties were worth over one million dollars.