WiredPRNews.com — March 2010 saw the average price for a detached home in Greater Vancouver (as reported by the Real Estate Board of Greater Vancouver) top $1 million for the first time. While West Vancouver realtors have seen average prices in that range for some time (West Vancouver March average of $1,445,305), having the average price for the larger region reach the million dollar threshold is groundbreaking, and lends continued support to the values of north shore properties.
The persistent upward trend over time has been driven by a number of factors shared by West Vancouver real estate and properties throughout metro Vancouver. Geography is a key factor. Unlike many Canadian cities, metro Vancouver is limited in its potential for outward expansion, bordered on three sides by mountain, ocean, and the US border. Added to these expansion limitations are projections of significant population growth. Municipal government estimates anticipate a 54% increase in the region’s population to 3.39 million people over the next 35 years. The result: property values can be expected to grow with increased density and demand.
Contemporary factors come into play as well. West Vancouver homes for sale and homes for sale in North Vancouver benefit from the desirability of those two districts. Location and lifestyle attract buyers looking to take advantage of proximity to both the downtown Vancouver business centre and numerous recreational facilities. An excellent selection of educational opportunities, housing options, transportation alternatives, and leisure and shopping choices enhance the demand for properties in the area.
Further interest is generated by the current low mortgage interest rates, which have a greater impact on qualification for higher priced properties. Changes to the provincial sales tax structure, due to take effect within months, only add to the impetus buyers are feeling.
Even taking into account periodic short-term downward fluctuations that have been experienced in the metro Vancouver real estate market, crossing the $1 million average price point is one further demonstration of the strength of the area’s ongoing upward trend in property values. Prices in this range also serve to remind buyers and sellers of the importance of accessing proven professional insight and advice for any anticipated real estate transactions.
Brock is a top Real Estate Agent at Prudential Sussex Realty – West Vancouver, British Columbia’s leading residential real estate company.