Here’s an extrapolation for you: Altus group does home appraisal and valuations.
They looked at the numbers and say if everything carries on as usual the average home price on the west side will be 7 million in 10 years.
“If [the current] trend continues, in the year 2024 the average price for older [detached housing] stock could be greater than $2 million on the Eastside and $7 million on the Westside of Vancouver. We are not saying this will happen, we are simply applying the math from the past decade and extrapolating forward to the next decade,” said Pedro Tavares, Altus Group’s director of research, valuation and advisory.
And as any investor will tell you, past performance practically guarantees future results right? So what are you waiting for? Get out there and buy something!