Million-dollar line? What million-dollar line?
As of 2016, the line separating the area of Vancouver where most single-family homes are worth more than $1 million has disappeared off the map, according to research from Simon Fraser University’s Andy Yan.
It’s instead given way to a $2 million line, which is currently located around Main Street.
A decade ago, property assessment values showed a clear divide running down Oak Street. East of that, the vast majority of homes were assessed at under $1 million.
Yan’s research shows that line pushed eastward to Main Street in 2008, and continued trucking along until it extended to Boundary this year.
Yan, acting director of SFU’s City Program, said the sheer speed of the line’s movement raises important questions.
“It makes one very curious about how the real estate market in Vancouver works,” Yan said. “Why did these patterns occur? What are the factors that helped make these types of price escalations?”
Yan said the patterns he’s seen are a relatively recent phenomenon, and that there was a specific spike recorded in the last few years.
To put more precise figures on the dramatic shift, just 19 per cent of single-family homes were assessed at more than $1 million in 2006, according to Yan’s research, but that number jumped to 91 per cent this year.
Asked where things might be going from here, Yan declined to make any guesses.
“If I was any good at predictions I’d drive a better car, ride a better bike,” Yan said.
Animation below, created by Yan, shows the line's movement over time.
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