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Real Estate, Urbanized, News

Vancouver home prices grew over 200% faster than New York City since 2000

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Kenneth Chan Jun 24, 2019 9:10 am 286

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A new statistical comparison with other global ‘bubbly’ cities paints a new picture of Vancouver’s world-class home price escalation over the last two decades.

Better Dwelling looked at housing data between January 2000 and March 2019, and it found that Vancouver’s home prices grew 207% faster than New York City over this period.

When compared with Los Angeles, prices in Vancouver climbed at a rate that was 75% faster.

And when it comes to the tech industry-fuelled cities of San Francisco and Seattle, Vancouver also led the pack at faster growth rates of 91% and 111.8%, respectively.

Home prices in Vancouver skyrocketed by 316% over two decades.

As of May 2019, according to the Real Estate Board of Greater Vancouver, the benchmark price for all residential property types in the region was $1.006 million — down 8.9% over May 2018 — with detached homes at $1.422 million, apartments at $664,000, and townhomes at $779,000.

Metro Vancouver house price history

Metro Vancouver real estate price history from 1977 to 2019. Click on the image for an enlarged version. (Real Estate Board of Greater Vancouver)

Canada’s two largest cities also experienced relatively huge price growth when compared with major American housing markets, but none nearly as high as Vancouver’s rates; Toronto grew by 240%, while Montreal climbed by 189%.

Toronto’s price growth was 133% faster than New York City, 33.7% higher than Los Angeles, 45.3% higher than San Francisco, and 61% faster than Seattle.

Interestingly, the Montreal market also saw fast growth when compared to New York City — 84% faster, in fact. However, it was only 5.43% faster than Los Angeles, 14.5% faster than San Francisco, and 26.9% faster than Seattle.

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