Houses and apartments in Vancouver have appreciably risen in price for the last decade. In the past three years only, prices have increased by more than 40%, according to President of the Real Estate Council of Vancouver Phil Moore.
The region annually attracts about 40,000 new residents. In the Vancouver area, the basic average cost of housing is about $1.6 million. In East Vancouver, for this money, one can buy a modest two-story house, and in a more exclusive Western Vancouver — nothing, since prices here start at $3 million.
An increase in interest rates on mortgages over the past three quarters has exacerbated the availability of housing in the region.