There was a clear winner in Vancouver’s battle for real estate domination in 2017, at least when it came to home price increases. And the winner is… Vancouver’s East Side.
The Vancouver East region of the city, which includes the East Side and Downtown East, saw single-family home prices rise by 20.7 per cent between December 2016 and last month, according to Real Estate Board of Greater Vancouver data released this week.
On the other hand, Vancouver West (comprising West Side, Downtown West and West End) saw its super-pricey detached homes decline in median sale value by 7.8 per cent over the same period.
That said, East Van homes started out at a much lower base, and are now standing at a median sale price of $1.65 million as of December 2017, up from $1.37 million a year previously.
That’s still a relative bargain compared with the $3.2 million median detached sale price in Vancouver West of December 2017. This figure is down from $3.47 million one year previously – so West Side homes certainly had further to fall than their Eastern counterparts.
Although both areas of the city saw huge condo price rises over the year, Vancouver East – again, starting at a lower base – posted the biggest jumps. The median sale price of a condo last month was $608,500, up a whopping 23.7 per cent from the same month in 2016. In Vancouver West, the median condo price in December was up a still-considerable 16.8 per cent year over year, to $788,000.
