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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.
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.
- Vancouver has the world's 4th largest housing bubble: UBS report
- Vancouver is the 2nd least affordable housing market globally (SURVEY)
- Vancouver ranked North America's 2nd least affordable city for housing
- Only Vancouver's top 2.5% income earners can afford a home: report
- Average wages in Canada need to double for millennials to afford a house: study