VANCOUVER — Five things to know about Vancouver's real-estate market:
Houses are pricey.
Statistics from the Real Estate Board of Greater Vancouver show the benchmark price for a detached house in Metro Vancouver was $1.2 million, up 22 per cent from the year before. The average price of a condo was up 14 per cent to $435,000.
Most expensive real estate in Canada.
The benchmark price of a property in greater Vancouver's 16 jurisdictions was $752,500 in November, the highest in the country, according to the Canadian Real Estate Association. Prices in the Lower Mainland, which covered six communities, came in second at $661,200 and Greater Toronto was third at $572,200. Moncton, N.B., had the lowest benchmark price on the list at $157,900.
The market is booming.
This year was the Greater Vancouver Real Estate board's second-highest November on record, with residential sales up 46 per cent above the 10-year average.
Prices are expected to continue climbing.
Dan Morrison, president-elect of the Greater Vancouver Real Estate Board, says the demand for houses remains high and supply is low, so there's no sign that prices will fall any time soon.
People are getting fed up.
Several rallies were held in 2015 to call attention to the lack of affordable housing in Vancouver. Online, residents used the hashtag #DontHave1Million to express their frustrations with the market.
Also on HuffPost:
This Tudor home in Vancouver's ritzy Shaughnessy neighbourhood was listed for $5.99 million in May. After 12 days, it sold for just over $8 million. “When you’ve got too little supply (of detached houses) and too many buyers, that’s always what happens,” realtor Stuart Bonner told The Province.
This abandoned home (read: eyesore) became a dumping ground over several months in 2015. Piles of rotting trash and unwanted furniture attracted rodents to the area, and the smell was sometimes so bad that neighbours refused to open their back doors. The house was assessed at $813,000, and others in the area were valued at over $1 million.
"Avail now. Bring your tent." A Craigslist ad advertised a backyard for rent for $500 per month. WiFi, use of the home's bathroom, kitchen, laundry, and "art room" were part of the deal. Great for travellers, apparently!
This home was listed at just under $3 million in June, and was sold to an offshore buyer for $4.1 million after a couple hours, the realtor said.
Bargain alert: a former grow-op hit the market in March for $930,000. The 1968 two-storey home was in such bad shape that no one could live in it. The house got an occupancy permit back in 2001, and was renovated before it was listed. The price was mostly because of the 6,000 sq.-ft. lot.
This rare, 3.6-metre wide home sold in April for $1.35 million. Tucked in the upscale Point Grey neighbourhood, the floor space is only 945 sq.-ft., but manages to cram in a full kitchen, master bedroom, living room, garage, den and 1.5 bathrooms. The home is believed to be one of the last of its kind in the entire city, according to the realtor.
This house, listed for just under $1.6 million, sold for $2.17 million in March — a mind-boggling 35 per cent over asking. "It was the highest price per square foot ever achieved for an East Vancouver home," realtor Paul Eviston told CBC News.
Chump change, amirite? This 25,000 sq.-ft. mansion, which sits on a 1.09 hectare property, was purchased in December 2014 for $51 million. (Details of the sale were made public in March.) The deal included a movie theatre, grass tennis court, and 10-car garage, according to the CBC.
Talk about a sweet deal! This (very well-decorated) gingerbread house was advertised on Craigslist for $4.5 million in December. It's a one-bedroom home that's a single sq. ft. in size. The baking sheet upon which it stands was not included in the sale. The seller asked for "serious" inquires only.