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A short history of Vancouver real estate & Richmond homes

April 12, 2011

Filed under: Richmond,Vancouver — Richard Morrison @ 7:54 am
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Throughout most of vancouver’s history, a home was not particularly expensive compared to homes in other Canadian cities.

As recently as 1965, the average price of a vancouver house was just $12,964. But prices rose -often sharply over a short span -with the average cost reaching $24,000 in 1970, $100,000 in 1980 and $231,000 in 1990.

Today, of course, vancouver has some of the priciest real estate on the planet, with bare lots often selling for well over $1 million in richmond real estate and on the west side of vancouver.

The trend accelerated in the 1980s and 1990s, with vancouver receiving a large influx of new immigrants, especially from Hong Kong, where people were concerned about the pending takeover by China. Former industrial lands, especially False Creek, were reinvented as highrises for the city’s new urban lifestyle.

Tsur Somerville, director of the centre for urban economics and real estate at the University of B.C.’s Sauder School of Business, said in an interview that prices soared when vancouver changed from a sleepy provincial town serving the logging and mining industries to a city geared to international trade, primarily with the Asia Pacific region.

Somerville said that by the late 1970s, vancouver was already becoming an expensive place to live in Canada and that trend accelerated in the late 1980s. “It took off after 1986, but it was already in play in the ’70s.” Today, a growing number of mainland Chinese richmond investors and immigrants are investing in vancouver real estate, with many paying prices that would have boggled the mind just a few years ago.

Source: Brian Morton, vancouver Sun

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