The Lower Mainland in B.C. now has 650 homes worth over 10 million.
This increase is substantial. When compared to 2010, there are around 13 times more homes valued at over 10 million in the Lower Mainland.
There was a significant increase in these homes from 2015-2018. For example, in 2014, in the City of Vancouver, there were 78 homes ranging from $10 million to $15 million. In 2015 this number increased to 108 homes, 185 in 2016, 339 in 2017 and 352 in 2018.
These homes vary in location around the Lower Mainland; in 2022 the city of Vancouver has 348 single-family homes worth over $10 million. Compared to 25 in 2010, an increase of almost 14 fold.
The UBC Endowment Lands have 68 of these homes, compared to two in 2010.
In West Vancouver, there are another 158 homes over $10 million.
In North Vancouver and Whistler there are 10 and 65, respectively.
It is known that the West Vancouver and Vancouver markets are far more expensive than neighbouring municipalities, however, an important note is that if there is price growth in Vancouver, prices will also increase in nearby municipalities in a similar proportion.
Please don't hesitate to reach out to top West Vancouver Waterfront Realtor, Matt Gul with any of your questions regarding buying or listing your home and questions relating to Canada's current housing market as well as ways to appeal your housing assessment.
An interesting part of this data is how there were drops during the past few years for the number of homes over $10 million.
It is believed by professionals that property taxes brought by the B.C. government between 2016 and 2019 are the reason for bringing down house prices.
As an example, the number of City of Vancouver homes valued between $10 million and $15 million was down in 2022, at 232, from 2018, when it was 352.
If you would like to learn more about why the number of homes over $10 million is changing, or if you are interested in buying or selling your property, please don't hesitate to reach out to top West Vancouver Waterfront Realtor, Matt Gul with any of your questions regarding buying or listing your home and questions relating to Canada's current housing market as well as ways to appeal your housing assessment.