Vancouver Real Estate Sales Prices Reach New Record High
As if homes in Vancouver are not expensive enough, one recent transaction may set the record higher in the city, a new report on CBC News said.
The report said that a home located at Vancouver’s East Side sold for a whopping $2,150,000. Four years ago, houses on the same block where the $2 million home stood sold for $1,395,000.
The realtors who closed the deal said the new homeowner upgraded from their West Side home, which is known for its higher property valuations.
“It’s significant because it shows there is not that sort of same discrepancy between the East Side and the West Side as there once was. I think the gap has narrowed in terms of price,” RE/MAX Select Properties agent Paul Eviston told CBC News.
“There are many buyers that have sold their homes on the West Side and have moved to the East Side, put money in the bank, and there are many buyers that once would buy only on the West Side that are considering the East Side based on the value quotient,” he said.
Vancouver’s home price index, which is determined by calculating data from the Multiple Listing Service, rose by 9.9 percent to $2,273,600 in July compared with last year’s figures, according to a report on The Globe and the Mail. The price index revision was largely due to the resale of a detached house on the West Side.
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The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.