Vancouver, where a million dollar home is nothing extraordinary. Years ago, the million dollar dividing street was Cambie, however, over the years the line is inching ever so close to Main Street.
Even the once working class East Vancouver is changing, especially in the southeast corner of the city.
Here are some key findings from Bing Thom Architects, the company behind the map.
During the period between 2012 to 2013 B.C. Assessment, over 2,200 Single Family properties in the City of Vancouver crossed the $1 million valuation line.
Most of these properties were in the southeast section of the City of Vancouver and specifically in the Victoria-Fraserview and Killarney plan area.
In 2013, about 54 per cent of the total number of Single Family properties in the City of Vancouver were valued at over $1 million, while in 2009, about 34 per cent were worth over $1 million when controlled for inflation.
From the 2009 to 2013 Assessment years, the number of “Single Family” properties valued above $1 million grew by nearly 50 per cent from 25,708 to 37,768.
The number of properties worth more than $5 million increased by nearly 250 per cent over the same four years from 274 to 708 properties.
With City policies such as secondary suites and laneway homes over the last 20 years which allow for more living units on a single piece of property, “Single Family” home districts have been increasingly accommodating multiple units.
Single Family Home Districts make up about 50 per cent of the land mass of the City of Vancouver while about 50 per cent of the City’s total population lives in these Single Family districts, 64 per cent of the City’s children (Under the age of 19) live in these areas according to the 2011 Census.
80 per cent of Vancouver’s public school facilities are located in Single Family districts