Have prices spun out of control in Vancouver's real estate market? We are hearing about plenty of studies, anecdotes and reports claiming just how unaffordable our local market really is, but the most obvious example comes from a report that has been issued monthly for the past 39 years by the Real Estate Board of Vancouver.
Their data shows that the average price of a single-family detached home in Vancouver increased as much in the past 5 months as it did from 1981 to 2005, that's 24 years!
The average price of a sold detached home last September was $1.4 million, but climbed to $1.6 million in October, then to $1.7 million in December and $1.8 million last month. Overall an increase of $420,000. In contrast, from March 2010 to March 2015 the average price for a detached home in Vancouver went from $1 million to $1.4 million and from August 2005 to March 2010 from $600,000 to $1 million. From February 1981 to August 2005 sold prices went from $180,000 to $600,.000. So tell me, do you feel that prices are spiralling out of control? We are Vancouver prices headed?