During the past decade, Metro Vancouver housing prices have more than doubled, sales have increased 70 per cent, prices per square foot have risen 150 per cent and dollar value has soared 227 per cent.
This information and much more is contained in Landcor Data Corporation's new report, A Decade of Peak Performance, 2000 - 2009 Metro Vancouver Market Overview. The report evaluates residential real estate activity and trends, with a focus on Landcor's unique data, unavailable elsewhere, including price per square foot, turnover rates for Metro Vancouver communities and foreign ownership.
"Our report shows that buying real estate in Metro Vancouver during the past decade has been a great investment" says Landcor President Rudy Nielsen. "And the sooner one buys, the greater the return on the investment."
Key trends for the 2000 - 2009 period include:
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The average sales price of a condominium increased 114%, the number of sales increased 176% and the dollar value of total sales increased 491%.
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The average sales price of a detached home rose 120%, while the average price per square foot (of finished area) rose 161%.
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The highest sales price for an attached home was $7.4 million in 2009.
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The highest sales price for a detached home was $14.2 million in 2009.
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The highest turnover rate was in Lions Bay at 12.3%, while the lowest was the District of North Vancouver at 6.1%. The Metro Vancouver average was 9.0%.
When it comes to foreign ownership, at 2,532 properties, Americans are the highest foreign ownership demographic, followed by residents of Hong Kong who own 609 properties in Metro Vancouver.
Since 2000, Metro Vancouver's 677,483 residential properties have generated 601,675 sales and produced a total dollar value of $230.4 billion.
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Metro Vancouver's 386,620 detached homes have generated 278,199 sales for a total dollar value of $133.6 billion.
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Metro Vancouver's 98,599 attached units have generated 105,596 sales for a total dollar value of $33.9 billion.
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Metro Vancouver's 192,264 condominiums have generated 217,880 sales for a total dollar value of $62.9 billion.
One of our favourite cowboys, John Wayne, once said, "Tomorrow hopes we have learned something from today." "Despite market ups and downs and a few bumps on the road since 2000, what we've learned today is that Metro Vancouver property is a peak performer, a rising investment even during the challenging conditions resulting from global financial meltdown," says Nielsen. "Take my advice, and don't wait to buy land. Buy land...Then wait!"