Yesterday we took a look at the Re/Max report that found Canadian home values had doubled since 2000. We were fist bumping everyone in sight after reading that mainly because that’s a huge jump and we were just so blown away!
But while we were preoccupied with all this fist bumping, we kind of forgot to closely analyze this stat. We assure you that this is a rare occurrence, usually we’re very thorough in our analysis.

However, we’re glad we took another look at reports today, because we found that things got even more interesting when it came to home values in Vancouver!

An article in the Vancouver Sun noted yesterday that the calibre of Metro Vancouver’s existing housing stock is one big reason behind the huge 128 per cent increase in home values in the city. The average price rose from $296,000 in 2000 to $676,000 in 2010 according to the Re/Max report.

Here’s what the report had to say about the calibre of Metro Vancouver houses: “While supply and demand, population growth and rising foreign investment, have been the main underpinnings behind exceptional gains, revitalization — amid an aging housing stock — and new(er) construction are largely underestimated factors propping up housing values in Canada’s real estate hotspot.”

According to the report, home owners spending money on renovation helped “breathe new life into Vancouver’s existing housing.”

Other interesting points found in the Re/Max report include the fact that condos now represent one in every two sales in Metro Vancouver with an average price of $457,887.

Elton Ash, the regional executive VP of Re/Max Western Canada explained that condos are the biggest game changer for real estate over the past decade, especially in BC and Alberta. They now comprise 25 to 50 per cent of residential sales.

Amazing stats and more good reasons for a fist bumping frenzy.

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