How Metro Vancouver home prices have rocketed vs. other North American cities

Real estate prices in the region have risen by 316 per cent since 2000; New York just 103 per cent, finds housing blog

We all know that real estate prices in Metro Vancouver have gone nuts over the past decade or so, but how does that growth compare with other North American cities? 

Canadian housing blog Better Dwelling crunched the numbers and came up with a jaw-dropping graph that shows just how dramatically prices have risen in the region since 2000, as compared with cities such as New York, San Francisco, Los Angeles, Toronto and Montreal.

It found that Metro Vancouver home prices have risen a whopping 316 per cent since January 2000, which is more than a four-fold increase.

In comparison, New York home prices have increased by just under 103 per cent, which is only just over double what they were in January 2000. The other North American cities studied range between the two, with Toronto seeing the continent’s second-steepest growth, up 240 per cent, in that 19-year period.

Check out the price-growth graph below, or see the original article for the interactive chart that reveals price growth over January 2000 at every month for each North American city.

Provided by: Glacier Media Real Estate


Just Sold: 33 1355 Citadel Dr., Port Coquitlam, Citadel PQ

SPECTACULAR MOUNTAIN VIEWS FROM THIS CORNER UNIT, COMPLETELY RENOVATED FROM TOP TO BOTTOM IN 2012. A beautiful white kitchen with designer Granite Counter Tops, Subway Tiles, eating bar and an eating area. The cozy living room is warmed by a gas fireplace, with sliding doors to the martini deck. The master retreat is 20'11 x 11'10 - big enough for a king bed and an even better views from this room. All bathrooms are renovated with designer cabinets, fixtures and skylights above. The daylight basement features a recreation room with sliders to the 23 x 7 foot custom deck. A side by side 2 car garage. The Roofs and Gutters were replaced in 2006. Walk to Schools and Transit. The West Coast Express is a 5 min. drive. A very quiet family oriented complex.

Listing Offered by: Re/Max Sabre Realty Group


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Just Sold: 108 9877 University Cr., Simon Fraser University

Rising atop Burnaby Mountain, this stylish one bedroom apartment residence at Veritas by Polygon is ideally situated for higher learning. Steps from a protected forest renowned for its natural beauty and spectacular views, Veritas enjoys immediate access to Simon Fraser University - Canada's top comprehensive university and a setting rich in culture and lifestyle opportunities. It is a very spacious one bedroom. The flex room is a bonus which can be used as study room. It is a great opportunity to own your dream home! Walk to SFU campus, bus loop, Nestors Market, and all the shops and restaurants. Don't miss out! Call to book your private showing today!

Listing offered by: Pacific Evergreen Realty Ltd.


BC Home Sales to Rise in 2020

The British Columbia Real Estate Association (BCREA) released its 2019 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 9 per cent to 71,400 units this year, after recording 78,346 residential sales in 2018. MLS® residential sales are forecast to increase 14 per cent to 81,700 units in 2020. The 10-year average for MLS® residential sales in the province is 84,300 units.

“The shock to affordability from restrictive mortgage policies, especially the B20 stress test, will continue to limit housing demand in the province this year,” said Cameron Muir, BCREA Chief Economist. “However, a relatively strong economy and favourable demographics are likely creating pent-up demand in the housing market,”

The inventory of homes for sale has climbed out of a cyclical low, leading to balanced market conditions in many areas and buyer’s market conditions in some communities and across some products types.Current market conditions are expected to provide little upward pressure on home prices this year, with the average annual residential price forecast to remain essentially unchanged, albeit down 2 per cent to $697,000. Modest improvement in consumer demand is expected to unfold though 2020, pushing the average residential price up 4 per cent to $726,000.

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Provided by: BCREA


Just Listed: 423 Montgomery St., Coquitlam, Central Coquitlam

Excellent Central Location

Updated Throughout

Open: Jun 22, from 1 to 3

Price at $1,148,800

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New Price: 1611 Manning Ave., Port Coquitlam, Birchland Manor

Excellent potential opportunity to build a single family home with coach house. Rezoning under way with the City. Currently zoned RD (duplex) with proposal already under review to rezone to RS4. 3rd Reading at the City has been issued. Desirable central location, close to transit, shops, Lougheed Hwy, schools and much more. Features: 35'8122', 4021sqft level lot with lane access and already cleared. Act Now!

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New Price: 1607 Manning Ave., Port Coquitlam, Birchland Manor

Development Permit issued! Plans available. Excellent opportunity for all builders or someone looking to build a custom 1/2 duplex. Desirable central location, close to transit, shops, Lougheed Hwy, schools and much more. Features: 45' * 122', 5410sqft level corner lot with lane access and already cleared. Zoned for approximately 4300sqft 2 storey w/basement duplex (approximately 2150sqft per side) with detached garage. Act now!

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Just Sold: 504 160 Shoreline Circle., Port Moody, College Park

Stunning Water & Mountain Views

Spacious Layout

Rentals Allowed

Price at $618,800

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Come for the size, stay for the AMAZING Water and Mountain views! Nothing to do, just move-in. This 1179sqft., 2bed & den, 2bath top-floor home offers the feeling of a house & not a condo with an open functional layout and excellent room separation. Enjoy the views and BBQ's from a massive152sqft balcony. Features: laminate floors, SS appliances, welcoming entrance, plenty of cupboard & counter space, in-suite storage, well-sized den, laundry room & an abundance of light. The spacious master offers room for king size bed, pass through closets & 4pc ensuite. The large 2nd bed has a view too & good closet space. Rental & pet friendly, parking & locker. Centrally located to: schools, parks, Rocky Point, Skytrain, Brewers Row & all sorts of amenities. Act Now! Call today. 


The British Columbia Real Estate Association (BCREA) reports that a total of 8,221 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, a decline of 7 per cent from the same month last year. The average MLS® residential price in the province was $707,829, a decline of 4.3 per cent from May 2018. Total sales dollar volume was $5.8 billion, an 11 per cent decline from the same month last year.

“BC home sales increased 9 per cent in May compared to April, on a seasonally adjusted basis,” said BCREA Chief Economist Cameron Muir. “However, consumers continue to struggle with the negative shock to affordability that stringent mortgage lending policies have created.”

Total MLS® residential active listings were up 23.2 per cent to 41,519 units compared to the same month last year. However, total active listings were down 2 per cent from April, on a seasonally adjusted basis, the first monthly decline since the B20 Stress test was introduced in January 2018.

Year-to-date, BC residential sales dollar volume was down 25.1 per cent to $19.8 billion, compared with the same period in 2018. Residential unit sales decreased 20.2 per cent to 28,711 units, while the average MLS® residential price was down 6.2 per cent to $688,339.

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Proviede by: BCREA


Canadian Housing Starts Trend Decreased in May

The trend in housing starts was 201,983 units in May 2019, compared to 205,717 units in April 2019, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

"The national trend in housing starts decreased in May as a result of continuing decline in the trend for single starts as well as a decline in the trend of multi-unit starts that follows gains in this segment in recent months, in urban areas," said Bob Dugan, CMHC's chief economist. "The decrease in the trend of multi-unit starts reflects a decline in the SAAR level of multi-unit activity in May from the unusually elevated level registered in April, which leaves multi-unit SAAR starts closer to its 10-year average."

Monthly Highlights


Vancouver Census Metropolitan Area (CMA) housing starts saw a strong increase in May, with multi-family construction accounting for 90% of total starts for the month. Two thirds of the new units were located in Burnaby, Surrey, and Coquitlam, which together saw a number of condominium and rental apartment projects get underway. So far this year, total housing starts are 10% higher than they were in the same period in 2018 as developers and municipalities move to meet demand from the region’s growing population.


Housing starts in the Kelowna CMA declined in May, relative to the same month last year, continuing the downward trend seen in the previous three months. Overall, housing starts were down approximately 44% in the first 5 months of 2019, relative to the same period last year. This downward trend comes on the heels of a slower pace of population growth allowing the existing home market to return to balance conditions.


Housing starts trended lower in May after a slight up-tick the month prior. New construction activity in the market remains relatively low as builders continue to adjust to sustained levels of elevated inventory and soft demand.


Housing starts trended lower for all units types except semi-detached which experienced a slight increase in May. The slowdown in starts continued to reflect the amount of unsold inventory on the market, particularly among single-detached units.


Overall starts trended down in Brantford due to lower trending single-detached and row starts. However, despite the slowdown, row starts remain at a higher than usual level. New single detached home prices continue to rise, making new rows increasingly appealing to buyers who are looking to purchase an affordable low-rise home.

St. Catharines-Niagara

Total housing starts in the St. Catharines-Niagara CMA trended up to reach a near 30-year high in May. The townhomes sector was a clear leader, where the pace of new construction has accelerated the most, accounting for 40% of total new home construction trend this month. Price weary buyers from more expensive nearby communities continue to fuel demand for new homes in St. Catharines-Niagara.


Total housing starts trended lower during May in the Toronto CMA with declines being recorded across all types of homes. High homeownership costs continue to weigh on the demand for single-detached and row houses thus resulting in fewer low-rise home starts. Strong pre-construction sales of condominium apartment units over the past two years will continue to translate into starts over time at a varied pace, despite their starts trending lower in May.


Housing starts trended slightly higher in May because of higher row starts. Year-to-date actual starts are up 14% relative to the same period last year due mainly to a rise in condominium apartment starts while single-detached homes declined. Rising ownership costs are shifting demand toward relatively more affordable dwellings and tight resale market conditions are encouraging builders to increase supply of condominium apartment units.


From January to May, residential construction in the Gatineau area reached a five-decade record high. This strong increase was attributable mainly to the rise in rental housing starts in the Plateau neighbourhood. The aging of the population and the low vacancy rate have continued to stimulate starts of this type in the Gatineau area.


Total housing starts in the Montréal area in the first five months of this year increased compared to the same period last year. This gain was solely attributable to rental housing construction, as condominium and single-family home starts recorded decreases. The low vacancy rates on the conventional rental market and the greater proportion of young households now opting for rental housing have kept stimulating rental housing starts. Seniors’ rental apartment construction has also posted strong growth since the beginning of the year.


Residential construction in Halifax continues to trend upwards as the total number of housing starts year-to-date increased by 48% compared to the same period last year. While the apartment segment has been dominating the growth in construction so far this year, in May, single-detached starts recorded a strong uptick, expanding by 69% year-over-year. As sales remain elevated in relation to the number of new listings, demand for additional supply is supporting the new home construction market.

Prince Edward Island (PEI)

Total housing starts in PEI were 60% higher in May driven primarily by higher apartment starts in response to the record low vacancy rate. The PEI economy continues to outperform the other Atlantic provinces, driven primarily by increased capital project spending as well as strong population, income and employment growth.

CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of Canada’s housing market. In some situations, analyzing only SAAR data can be misleading, as they are largely driven by the multi-unit segment of the market which can vary significantly from one month to the next.

The standalone monthly SAAR of housing starts for all areas in Canada was 202,337 units in May, down 13.3% from 233,410 units in April. The SAAR of urban starts decreased by 14.4% in May to 186,946 units. Multiple urban starts decreased by 18.5% to 141,851 units in May while single-detached urban starts increased by 1.8% to 45,095 units.

Rural starts were estimated at a seasonally adjusted annual rate of 15,391 units.

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Provided by: CMHC


Last week’s market reports from real estate boards including those in Vancouver and Toronto show that there is recovery underway with even the tough market conditions in Vancouver suggesting a bottoming-out.

This is unlikely to end calls for the mortgage stress tests to be altered or scrapped, says RBC Economics’ senior economist Robert Hogue, but it should “quiet down critics fearing a market collapse.”

In his latest assessment of the Canadian housing market, Hogue says the rebound for Toronto sales in May (resales up 19% year-over-year) says more about weakness a year ago than market momentum, with seasonally adjusted figures pointing to stabilization rather than a surge.

And ‘back-of-the-envelope’ calculations on the slowing of declining resales in Vancouver (-6.9% year-over-year in May compared to -30% in April) show that resales increased by more than 25% month-to-month in May on a seasonally-adjusted basis.

“This is the strongest sign yet that the market isn’t spiraling out of control. In fact, we believe it indicates that a bottom has been reached,” writes Hogue.

The report also notes several other Canadian housing markets as showing encouraging signs.

May resales increased year-over-year in Victoria, Calgary and Ottawa—all implying moderate increases between April and May. Despite Regina posting a sizable drop, this followed a strong pick-up in April.

Provided by: Steve Randall for the REP

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