Million Dollar Home Is Just Average

What does a million dollars buy you these days? If you're in Greater Vancouver, seven figures is barely enough for you to buy a single detached house and if housing prices continue their upward trend, a million dollars might not even be enough to buy an average house sooner than you'd think.

As it stands, the average price of a detached home in Greater Vancouver is about $921,000. The modest World War II bungalow shown in the picture above has an asking price of $889,000. Realtor Terry Flahiff, who has been selling homes since 1985, feels that this is a relative bargain given the state of the market.

"There are still more buyers than sellers in this market and I think that if a property is perceived to be overpriced, it sits. If it is sharply priced, we are certainly seeing people competing for these properties. I'm still in more multiple-offer situations than not."

First time homebuyers are having a very difficult time breaking into the market. If you're in the mid-30s and you're able to buy a $900,000 home, "you either have to win the lottery or have a lot of money behind you," according to Helmut Pastrick, chief economist with Credit Union Central of B.C.

Source: The Province

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Million Dollar Home Is Just Average

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