Guess the asking price of these homes for sale in Vancouver

 

Image: Rew.com / Vancity Buzz composite

 

There’s nothing quite like that nauseating feeling you get when you see hideous house for sale at an astronomical price. Or that pit in your stomach when you see a beautiful house you’d give an arm and a leg to live in, but even selling body parts wouldn’t cover the down payment.

Welcome to the world of Vancouver real estate, where the rich get richer and the middle class disappears to the Island (or thumbprint sized apartments).

To say the least, prices here are unbelievable, so much so that they make the average price of a detached home at $1,159,600 seem reasonable. In fact, how many of us have seen a house for $1 million and thought to ourselves: “Wow, it’s only $1 million!”

Vancouver real estate August benchmark price

SEE ALSO: Vancouver's unaffordable housing saga continues with startling August numbers

http://www.vancitybuzz.com/2015/09/real-estate-asking-price-vancouver-quiz/

 

But no matter how many times we tell you how expensive Vancouver real estate is, we bet you can’t guess just how much owners are asking for these 10 properties.

Take quiz and let us know how you did.

http://www.vancitybuzz.com/2015/09/real-estate-asking-price-vancouver-quiz/

 
 
 

 

 
 
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Is Vancouver due for a home price correction in 2016?

As the Vancouver real estate market reaches new heights, TD economists warn the city’s house prices are due for an imminent price correction. 

 

As the Vancouver real estate market reaches new heights, TD economists warn the city’s house prices are due for an imminent price correction.

“It would not be extraordinary for Vancouver to suffer a price correction on the heels of the sharp acceleration recorded over the past year,” economists Derek Burleton and Diana Petramala concluded in a July 30 report.

 

The pair pointed to unexpected benchmark rate cuts made this year by the Bank of Canada as one major reason Vancouver and Toronto have seen real estate demand accelerate even in the midst of a cooling economy.

The cuts lowered the rate of borrowing at banks, making affordability more viable for homeowners.

“But as affordability continues to erode, sales activity will likely cool heading into 2016,” the report said.

“In Vancouver, a pull-back in sales projected for next year might seem large, but it would follow two years in which sales rose by almost 50%.”

A July report from Royal LePage found the average price of a detached home in Vancouver sat at $1.2 million in the second quarter, up 12.6% compared with the same period a year ago.

The agency noted supply for detached homes is limited in the city, which is likely to keep demand high.

But the TD report noted valuation could drop as housing affordability falls out of reach, as dictated by price-to-income ratios.

“Current readings suggest that home prices in both (Vancouver and Toronto) would need to drop by a stunning 40% to bring these ratios back in line with the long-term trend,” the economists said.

torton@biv.com

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