The Simon Fraser University’s City Program’s Andy Yan discovered that 91 per cent of the city’s detached homes have a 7-figure price tag, up from 59 per cent in 2014 and just 19 per cent in 2006.
The analysis looked at provincial assessment data rather than sales data and is adjusted for inflation. It only considers detached homes in the city of Vancouver.
Yan says that a triangle of factors are driving the price increases in the city; foreign investors, low interest rates reducing mortgage borrowing costs, and a lack of supply.
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Nine out of ten detached homes in Vancouver are valued at $1 million or more according to a new study.