It should come as no surprise to anyone that homes in Vancouver are getting more expensive. But where and by how much? That’s another story.
The 2015 BTAworks million dollar home map is the fourth annual chart mapping the change in total assessment values for Vancouver single family homes.
The assessment returned several key findings that emphasize the ever-changing housing affordability landscape in Vancouver. Whereas there once was a great price drop off going east toward Main Street, houses above $1 million are now infiltrating East Vancouver, though the very expensive homes (over $2 million) still remain on the west side.
The west is also getting more expensive, with more homes than ever lighting up dark blue indicating a price of over $5 million. Because the maps only chart single family properties, Downtown Vancouver and other high-density surrounding areas are greyed out due to lack of free-standing homes.
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BTAworks’ two maps highlight the change in housing costs throughout the City of Vancouver. The first divides properties into values “over $1 million” or “under $1 million” while the second breaks down the costs further into increments of $1 million up to “over $5 million”.
Total Property Values for Single Family Home (RS) Districts in the City of Vancouver from 2010 to 2015 (gif) *click to enlarge
Blue: Over $1 million
Red: Under $1 million
Grey: Data unavailable
Total Property Values for Single Family Home (RS) Districts in the City of Vancouver from 2010 to 2015 (gif) *click to enlarge
Red: Below $1 million
Orange: $1-2 million
Green: $2-3 million
Light Blue: $3-4 million
Blue: $4-5 million
Purple: Over $5 million
Grey: Data unavailable
BTAworks’ key findings from the assessment:
- There is no longer a distinct $1 million line in the City of Vancouver, but rather clusters of sub-$1 million Single Family Properties (SFP) surrounded by a rising tide of $1 million and above SFPs.
- In 2015, 66 percent of all Single Family Properties in the City of Vancouver have a total assessment of over $1 million. In 2010, when adjusted for inflation, 33 percent of all SFPs in the City of Vancouver were assessed at more than $1 million.
- 99 percent of Single Family Properties west of Ontario Street were assessed at over $1 million in 2015.
- 44 percent of Single Family Properties east of Ontario Street are over $1 million in 2015.
- The number of luxury properties (worth over $5 million) nearly tripled from 1,282 in 2015 to 373 in 2010.
- There are no longer any single family properties in the City of Vancouver with total assessments under $500,000 in 2015.
- Total assessments for all SFPs increased by 11% on the average in the City of Vancouver.
- Out of the City of Vancouver’s 20 planning areas, South Cambie saw the highest percent increases of 15% followed by a four-way tie of Single Family Properties in Kensington-Cedar Cottage, Mount Pleasant, Riley Park, and West Point Grey (14%). At 8%, single family properties in Arbutus-Ridge saw the lowest increases.
- Between the 2015 to 2010 Assessment Years, the fastest growing value category were homes assessed at between $4 million to $5 million grew by 408% followed by homes between $3 to $4 million by 363% and homes worth more than $5 million which grew by 243%.
- The only value category to decline in number were single family properties under $1 million by 45%.
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