$3-million is the new $1-million

 

In 2014 Metro Vancouver's high end housing marketing went from hot to scorching with homes surging higher and higher in value.

 

In the first eight months of this year there were almost 600 homes sold in Greater Vancouver that sold for more than $3-million. This represents almost $2-billion in real estate luxury investment that changed hands already this year in what the Canadian government predicted to be a slow market.

 

This activity has coined the phrase "$3-million is the new $1-million" in the Vancouver area. In Vancouver a $1-million property can be a drive by listing with much needed renovations and potential investment issues. In Vancouver last year the city did a property assessment of all homes in Vancouver proper and 37,800 homes were valued at $1-million or higher.

 

The benchmark home price in Vancouver's desirable Westside are valued at: $2,284,400

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- Patti Caldwell


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