Have you owned your current home for ten years ? The North Van benchmark price for detached property has gone from $648,333 to a record high of $1,167,000 in that time period ! WOW that’s 80% in 10 years - CRAZY !!!
Ten years ago a benchmark townhome would have sold for about $425,000; today in North Vancouver, that number is $634,000. And, while the re-sale apartment market has been slower these past 5 years, if you have held your apartment for ten years or more, you will on average have seen an appreciation of about 45%. There’s a whole new meaning to, “Time is money”.
Real Estate is a hot topic today, and has been, especially in the Lower Mainland, for quite a while. It really has always been an excellent, LONG TERM investment. Don’t worry so much about the media stories of “bubble”, “affordability”, and “crash”. You have to live somewhere – even if it means starting out with a small space and a room mate. Invest in your future – invest for the long term.
And to those who only hear how much it costs to own a typical home on the West Side of Vancouver (now at about $2.5 Million) it may interest you to know that the MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $684,400. This represents only a 9.4 per cent increase compared to May 2014.
As always, we are here to help you navigate the process of Buying, Selling, and Owning. On our team, we have over 60 years’ combined experience in the industry, and we are here to help!