Owning a Million Dollar property in Vancouver
Yes, it’s that time of year again when we eagerly open up our BC property assessment notices in the mail like a kid at Christmas to find out exactly what the city has pegged our house value at! Only this year, at least if you live in BC’s lower mainland, you may notice that your value has gone up somewhere between 25% and 35%, which is certainly not normal, but enough to push most values of single family homes up over that $1m threshold.
There was a time when owning a million dollar house seemed like nothing more than a pipe dream. Today, if you own a house anywhere near Vancouver, that pipe dream is a reality. Congratulations, how does it feel to be a millionaire? I bet that you didn’t even notice the difference?
Sure, the West side of Vancouver as well as West Vancouver used to have plenty of million dollar homes, but now the majority of single family homes in Richmond, Burnaby, Surrey, Vancouver, Coquitlam, Port Coquitlam, North Vancouver, and West Vancouver are all well over the $1m mark. What’s next? Chilliwack and Mission? The reasons for this are multiple; low supply, incredibly historically low interest rates, international interest in Vancouver as a destination for parking capital, but the reality is that wages haven’t really increased much to go along with the massive increases in property values.
I’m betting that most home owners around Vancouver, even if they own million dollar homes, don’t feel like millionaires these days…
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Chris Stepchuk Jan 14, 2017