By Pete McMartin, Vancouver Sun
In Saturday’s column, I wrote about a study of Vancouver real estate prices by Andy Yan, an urban planner with Bing Thom Architects and an adjunct professor with the University of B.C.’s School of Community and Regional Planning.
Vancouver is soon to be a Chinese colony
In the study, Yan plotted the worth of all homes in neighbour-hoods zoned single-family residential – or RS, in planning par-lance. He plotted those homes assessed at over $1 million.
The study was an update of a similar one he had done in 2011, and Yan did the update to see what change there had been in the number of million-dollar homes.
He found a radical change.
In a single year, the number of million-dollar homes had increased by 10 per cent. More than half the single-family homes in Vancouver were now assessed at over $1 mil-lion. All homes had increased in value by at least $55,000 (out-stripping Vancouver’s median family income of $53,000) and 80 per cent of the homes had increased in assessed value by over $100,000.
He also found the traditional disparity in real estate prices between the west and east sides of the city had begun to blur. Several east-side neighbour-hoods had seen tremendous growth in the number of homes assessed at over $1 million.
The alarm over such increases has inspired, among other things, the Mayor’s Task Force on Housing Affordability.
It has also inspired calls to impose restrictions on offshore buyers, particularly those from China.
To judge by the increasing number of media stories, and the apocryphal tales of wealthy Chinese offering cash by the shovelful, and the unbridled (and usually vitriolic) comments about such buyers on web pages and in newspapers’ public comment sections, many believe that nouveau riche Chinese nationals are the main reason for the price increases.
Posted by CIReport.ca
on Apr 3, 2012 | 0 comments