In each issue of News From Nexus, there’s a story about the previous month’s real estate statistics from Greater Vancouver Realtors. They, of course, are just the tip of the stats iceberg and some of the ones that readers don’t see also have a story to tell.
In this era when home prices are more or less stable — or in some cases going down — the question of whether real estate is a good investment always seems to have the same answer. It’s a good investment. How good often depends on the mini-market or even neighbourhood.
In the October statistics, or example, here’s a few of the line items that may be surprising:
• In the last decade, prices are up by 121 per cent on Bowen Island, 120 per cent on the Sunshine Coast, 119 per cent in Squamish and 117 per cent in Pitt Meadows. Nowhere in the Lower Mainland did prices go down.
• In the last five years, Port Coquitlam and Squamish have had the biggest increases, 34 per cent, followed by Maple Ridge (31). Five years are, as everybody knows, the post-COVID years.
• Even in the last three years, when most home prices have been slightly up or slightly down in most mini-markets, they’re up 4.2 per cent in Vancouver East and Squamish. On a million-dollar home, that’s $40,000.
All of this is based on facts, because that’s what statistics are.