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This city’s house prices are now in ‘jaw dropping’ territory

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Canadian Realestate Magazine | 04 Nov 2015, 12:05 PM Agree 0
High demand and low supply are pushing Vancouver housing prices into the stratosphere, but can they keep hitting new records?
  • Joannah Connolly | 04 Nov 2015, 01:57 PM Agree 0
    Please check your facts and report on them accurately.
    You say, "The average home price for all of Greater Vancouver hit a record high of $1.58 million in October." This is in fact the average home price for a detached single-family home - not across all property types. Average Greater Vancouver townhome prices for October 2015 are $658,017 and condos are $494,689.
    The MLS benchmark price for a home (composite property types) in Greater Vancouver is $736,000. Still high, yes - but hardly $1.5m.
    CREW is a trusted news source - so please be accurate.
    • Eric Coulombe | 06 Nov 2015, 09:02 AM Agree 0
      Joannah, as a Vancouver realtor, it's very refreshing to see someone in your position making such a comment. The vast majority of buyers and vast majority of realtors are not operating in the price ranges that are being dramatically affected. The rate of appreciation for houses is triple or quadruple (loosely but verifiably speaking, since 2008) that of condos and townhouses, and that is speaking in terms of averages, not medians. There has always been more than enough of a 'hype influence' in our market, it seems: local and national media would serve their audiences far more responsibly to focus much more on clarity and context (being pointed about average vs median, pointedly breaking out each major segment, etc.), rather than the apparent current practice of finding the most attention-getting available statistic and 'leading' with it. In some insensitive and not very savoury ways, it stirs economic, social, and cultural pots in our city.
  • muckymuck | 04 Nov 2015, 09:59 PM Agree 0
    It's caused by wealthy Chinese government and corporate officials needing to get their money out of China -- being driven out by Xi Jinping's corruption crackdown :)
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