Following a solid 2013, Vancouver housing prices appear to have stalled, according to an annual city study.
The Bing Thom Architects report, which focuses on single family homes, shows only a minimal difference from 2013 to 2014 in the number of homes valued at over $1 million.
The study states that in 2013, there were 37,410 single family properties, compared to 37,800 in 2014. In fact, 740 of 2013's over $1 million properties fell below the $1 million line in 2014.
“It’s basically frozen,” Andy Yan, an urban planner at researcher at Bing Thom, told The Vancouver Sun. “Whether that continues as a long-term trend, I don’t know, because we only have two data points. But for the moment, it looks to have plateaued.”
But that doesn't mean bad things for the city's luxury market.
The study shows that while homes valued under $3 million did not see much of an increase, ones worth between $4 million and $5 million saw a growth of seven per cent, and homes valued at over $5 million saw a 10 per cent jump.
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