Current report on the Vancouver real estate market
Vancouver has been an expensive real estate market for years, and its current benchmark price has risen 20% over the past five years, just below CPI inflation, which was 21% over the past five years. years. The competition between Toronto and Vancouver over housing unaffordability is relatively recent, as benchmark home prices in the GTA have climbed 53% over the past five years to reach $1,171,300 in June 2023. This growth over five years translates to an impressive CAGR of 8.9%. This huge 5-year growth comes despite an 11% price decline since Toronto benchmark home prices peaked in March 2022.