A look at assessed values for single family homes across Metro Vancouver shows that approximately 70% of Metro Vancouver’s “luxury homes” are located in the City of Vancouver. Luxury homes are defined here as single family dwellings with a 2012 assessment of over $2,000,000. West Vancouver, which has long been a luxury home market, represents a further 20%, with the balance spread out across the lower mainland.
A telling statistic is that over 26% of single family dwellings in the City of Vancouver are now assessed at over $2,000,000. Over 55% of homes in the City of Vancouver (including East Vancouver) are now valued at over $1,000,000. It will be interesting to see how future economic and interest rate movements affect these numbers.
Source: BC Assessment Data