{"id":176596,"date":"2018-01-28T11:00:04","date_gmt":"2018-01-28T16:00:04","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=176596"},"modified":"2018-01-26T17:23:26","modified_gmt":"2018-01-26T22:23:26","slug":"chart-greater-vancouver-prices-climbed-4-decades","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/news\/chart-greater-vancouver-prices-climbed-4-decades","title":{"rendered":"This chart shows how much Greater Vancouver home prices have climbed over the past 4 decades"},"content":{"rendered":"

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Greater Vancouver is one of Canada\u2019s \u2014 and the world\u2019s \u2014 most expensive housing markets, but 40 years ago it was a very different story.<\/span><\/p>\n

In 1977, the average sale price of a home in Greater Vancouver was roughly $90,000, according to the Real Estate Board of Greater Vancouver\u2019s (REBGV) chart that highlights average home sale prices from 1977 to 2017. <\/span><\/p>\n\n

Fast forward to 2017, the benchmark price for all property types was $1,050,300.<\/p>\n

Although home prices have increased significantly in the last 40 years, REBGV President Jill Oudil says price growth has been steady and can be attributed to BC\u2019s strong economy. <\/span><\/p>\n

“[Home values] do tend to reflect how the economy is doing. Overall, we have a great economy and it’s certainly been strong, right now it’s incredibly strong,\u201d Oudil tells BuzzBuzzNews. <\/span><\/p>\n

The past 40 years have been characterized by price fluctuations, but in 2008 to 2009, prices nosedived significantly across all property types thanks to the worldwide economic crisis.<\/span><\/p>\n

\"See\r\n SEE ALSO:<\/span>Here\u2019s another way to look at just how unaffordable Vancouver housing has become<\/a><\/strong>\r\n <\/div>\n

However, in mid-2009, home prices for all property types rebounded and trended upwards once again. <\/span><\/p>\n

In 2016, prices, especially in the detached market, reached record highs in the hot market before declining mid-year. <\/span><\/p>\n

Prices began to fall immediately following the implementation of Greater Vancouver\u2019s 15 per cent foreign-buyer tax, which was introduced in August 2016. However, as seen on the chart, prices rebounded shortly after in the beginning of 2017. <\/span><\/p>\n

Along with growing consumer confidence, Oudil says supply played a key role in rising prices.<\/span><\/p>\n

“We have had population growth, very steady economy, very low unemployment, it’s a combination of factors. And the biggest factor is the fact that our supply is low versus the demand that we’re currently seeing,\u201d she says. <\/span><\/p>\n

Looking ahead to what to expect in 2018, the REBGV president says any change to supply this year and in 2019 will be \u201cparamount\u201d for the market. <\/span><\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Greater Vancouver is one of Canada\u2019s \u2014 and the world\u2019s \u2014 most expensive housing markets, but 40 years ago it was a very different 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