Gen Y will be forced to downsize?
The average price for new and existing detached properties sold within the city of Vancouver surpassed $1.9-million last year, up 173 per cent since 2005. Van City forecasts that the average detached price within Vancouver’s city limits could top $4.4-million in 2030, based on pricing growth in recent years, though real estate experts dismiss the projection as fantastical. According to the Globe and Mail, in Greater Vancouver – including suburbs such as North Vancouver, Richmond and Burnaby – average detached resale prices set a new high last month of more than $1.4-million, up 16.2 per cent from March, 2014. The past decade has seen prices surge in the broader region called Metro Vancouver, which includes Greater Vancouver and less-expensive communities such as Surrey and Langley. The average detached price in Metro Vancouver reached nearly $1.1-million last year, up 114 per cent since 2005. Vancity’s forecast for 2030 envisages an average price of $2.35-million for detached houses in Metro Vancouver. “Condominiums will become a more common and desirable way to achieve the dream of property ownership,” Vancity said in its recent report titled Downsizing the Canadian dream – Home ownership realities for millennials and beyond.