During the past decade the Metro Vancouver property market has weathered market storms and prospered in the face of global recession. Today it is a peak performer, according to new figures released by Landcor Data Corporation.
LDC has evaluated real estate activity and trends from 2000-2009 and reports that during this period Metro Vancouver housing prices have more than doubled, sales have increased 70 per cent, prices per square foot have risen 150 per cent and dollar value has soared 227 per cent.
"Our report shows that buying real estate in Metro Vancouver during the past decade has been a great investment" says Landcor President Rudy Nielsen. "And the sooner one buys, the greater the return on the investment."
Key trends include: The average sales price of a condominium increased 114 per cent; the number of sales increased 176 per cent and the dollar value of total sales increased 491 per cent.
The average sales price of a detached home rose 120 per cent, while the average price per square foot (of finished area) rose 161 per cent.
The highest sales price for an attached home was $7.4 million in 2009; the highest sales price for a detached home was $14.2 million in 2009.
When it comes to foreign ownership, at 2,532 properties, Americans are the highest foreign ownership demographic, followed by residents of Hong Kong who own 609 properties in Metro Vancouver.
Since 2000, Metro Vancouver's 677,483 residential properties have generated 601,675 sales and produced a total dollar value of $230.4 billion.
"Despite market ups and downs and a few bumps on the road since 2000, what we've learned today is that Metro Vancouver property is a peak performer, a rising investment even during the challenging conditions resulting from global financial meltdown," says Nielsen. "Take my advice, and don't wait to buy land. Buy land... Then wait!"