{"id":8129,"date":"2018-02-06T10:10:21","date_gmt":"2018-02-06T18:10:21","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8129"},"modified":"2018-02-04T12:04:42","modified_gmt":"2018-02-04T20:04:42","slug":"rebgv-home-prices-have-increased-significantly-in-the-last-40-years","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/02\/rebgv-home-prices-have-increased-significantly-in-the-last-40-years\/","title":{"rendered":"REBGV Home Prices Have Increased Significantly in the Last 40 Years"},"content":{"rendered":"<p style=\"text-align: justify;\">Greater Vancouver is one of Canada\u2019s \u2014 and the world\u2019s \u2014 most expensive housing markets, but 40 years ago it was a very different story.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=8130\" rel=\"attachment wp-att-8130\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-8130\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/01\/REBGV-stat-chart-300x183.jpg\" alt=\"\" width=\"611\" height=\"373\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/01\/REBGV-stat-chart-300x183.jpg 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/01\/REBGV-stat-chart-768x467.jpg 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/01\/REBGV-stat-chart.jpg 1024w\" sizes=\"auto, (max-width: 611px) 100vw, 611px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">In 1977, the average sale price of a home in Greater Vancouver was roughly $90,000, according to the Real Estate Board of Greater Vancouver\u2019s (REBGV) chart that highlights average home sale prices from 1977 to 2017.<\/p>\n<p style=\"text-align: justify;\">Fast forward to 2017, the benchmark price for all property types was $1,050,300.<\/p>\n<p style=\"text-align: justify;\">Although home prices have increased significantly in the last 40 years, REBGV President Jill Oudil says price growth has been steady and can be attributed to BC\u2019s strong economy.<\/p>\n<p style=\"text-align: justify;\">\u201c[Home values] do tend to reflect how the economy is doing. Overall, we have a great economy and it\u2019s certainly been strong, right now it\u2019s incredibly strong,\u201d Oudil tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">The past 40 years have been characterized by price fluctuations, but in 2008 to 2009, prices nosedived significantly across all property types thanks to the worldwide economic crisis.<\/p>\n<p style=\"text-align: justify;\">However, in mid-2009, home prices for all property types rebounded and trended upwards once again.<\/p>\n<p style=\"text-align: justify;\">In 2016, prices, especially in the detached market, reached record highs in the hot market before declining mid-year.<\/p>\n<p style=\"text-align: justify;\">Prices began to fall immediately following the implementation of Greater Vancouver\u2019s 15% foreign-buyer tax, which was introduced in August 2016. However, as seen on the chart, prices rebounded shortly after in the beginning of 2017.<\/p>\n<p style=\"text-align: justify;\">Along with growing consumer confidence, Oudil says supply played a key role in rising prices.<\/p>\n<p style=\"text-align: justify;\">\u201cWe have had population growth, very steady economy, very low unemployment, it\u2019s a combination of factors. And the biggest factor is the fact that our supply is low versus the demand that we\u2019re currently seeing,\u201d she says.<\/p>\n<p style=\"text-align: justify;\">Looking ahead to what to expect in 2018, the REBGV president says any change to supply this year and in 2019 will be \u201cparamount\u201d for the market.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/01\/chart-greater-vancouver-prices-climbed-4-decades.html\" target=\"_blank\" rel=\"noopener\">This Chart Shows How Much Greater Vancouver Home Prices Have Climbed Over the Pass 4 Decades<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Greater Vancouver is one of Canada\u2019s \u2014 and the world\u2019s \u2014 most expensive housing markets, but 40 years ago it was a very different story. \u00a0\u00a0\u00a0\u00a0 In 1977, the average &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/02\/rebgv-home-prices-have-increased-significantly-in-the-last-40-years\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-8129","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>REBGV Home Prices Have Increased Significantly in the Last 40 Years &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/02\/rebgv-home-prices-have-increased-significantly-in-the-last-40-years\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"REBGV Home Prices Have Increased Significantly in the Last 40 Years &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Greater Vancouver is one of Canada\u2019s \u2014 and the world\u2019s \u2014 most expensive housing markets, but 40 years ago it was a very different story. \u00a0\u00a0\u00a0\u00a0 In 1977, the average &hellip; [read more]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2018\/01\/REBGV-stat-chart.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/rebgv-home-prices-have-increased-significantly-in-the-last-40-years\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/rebgv-home-prices-have-increased-significantly-in-the-last-40-years\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"REBGV Home Prices Have Increased Significantly in the Last 40 Years\",\"datePublished\":\"2018-02-06T18:10:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/rebgv-home-prices-have-increased-significantly-in-the-last-40-years\\\/\"},\"wordCount\":329,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"image\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/rebgv-home-prices-have-increased-significantly-in-the-last-40-years\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2018\\\/01\\\/REBGV-stat-chart-300x183.jpg\",\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/rebgv-home-prices-have-increased-significantly-in-the-last-40-years\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/rebgv-home-prices-have-increased-significantly-in-the-last-40-years\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/02\\\/rebgv-home-prices-have-increased-significantly-in-the-last-40-years\\\/\",\"name\":\"REBGV Home Prices Have Increased Significantly in the Last 40 Years &#8226; 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