– Vancouver Real Estate Goes Full-Retard; Average Home Price Now $1.8 Million:
Residential property sales in Greater Vancouver rose 31.7% in January. That’s 46% above the 10-year sales average for the first month of the year and the second highest January ever, the Greater Vancouver Real Estate Board reports. The benchmark price for a detached home in Vancouver: $1,293,700. The “benchmark” price represents what the Real Estate Board says a “typical” home would go for on the market. If we simply take the arithmetic mean (i.e. the average), the numbers are even more astounding.
Mostly foreign investments with absentee owners. Not the true value of the property.