Vancouver Creates More "Real Estate Millionaires

Forget the lottery.

The Lower Mainland's rebounding housing market has just minted 21,000 new real estate millionaires.

That's how many homes in the region ticked over into seven-figure assessments when new valuations were released this month.

The number of million-dollar homes doubled in both Richmond, which is up from 2,329 a year ago to 5,433 now, and Burnaby, which rose from 2,248 to 5,114.

Roughly 8,000 million-plus homes were also added in Vancouver, 2,553 In North Vancouver, and 2,000 in West Vancouver.

Surrey, which previously had the third highest number of million-dollar properties, is now fifth behind Richmond and Burnaby with 5,087, an increase of 1,878.

Surrey has 21 $5-million-plus homes, the most outside Vancouver and West Vancouver, which together have more than 800.

The only two $10 million-plus homes south of the Fraser are also in Surrey – a large estate bracketed by small lakes in Grandview Heights and another house in Panorama Ridge.

Across the Lower Mainland there was a 40 per cent increase to 75,539 in the number of homes worth $1 million and up compared to 53,889 a year ago.

The numbers were crunched by Landcor Data Corp. and president Rudy Nielsen said he's not surprised by the gains.

Property markets here are recovering well from the recession, he says, thanks to B.C.'s healthy economy, strategic position and desirable attributes, including plenty of fresh water.

"Get on your hands and knees and kiss the ground for the fact you live in British Columbia," Nielsen said. "We've got a great place and people have to really appreciate it."

Others are as well – one major reason why prices are on the rise again.

Nielsen said vacationers from Alberta are snapping up summer and winter getaway spots in B.C. and buyers from China worried about possible volatility in markets overseas are opting to invest in condos and houses here.

"In South Surrey there's a lot of Chinese people moving in and they pay cash for their houses," Nielsen said. "They're buying teardowns and building new houses."

A big factor is the Lower Mainland's constrained geography – mountains, the Agricultural Land Reserve and the U.S. border – that keeps it from sprawling indefinitely like Calgary or Edmonton, he notes.

Rising property values in the region mean the million-dollar milestone is becoming less meaningful.

In the priciest neighbourhoods of the region, homes still in six-figures are starting to become a minority.

"The $1-million figure six years ago was quite a feat, but not any more," Nielsen said.

The assessments reflect a snapshot of values as of last July 1.


$1 million-plus homes by city


Abbotsford – 322 (118 more than 2010). None over $5 million.

Priciest property: $4.9 million – 3841 Mt. Lehman Road



Anmore – 344 (+ 45) None over $5 million.

Priciest property: $4.2 million – 2220 East Road



Belcarra – 168 (+ 11) None over $5 million.

Priciest property: $3.1 million – 5063 Whiskey Cove Lane



Bowen Island – 250 (- 24) Three over $5 million.

Priciest property: $5.9 million – 48 Eagle Tree Road



Burnaby – 5,114 (+ 2,866) Two over $5 million.

Priciest property: $7.6 million – 7629 Burris St.



Chilliwack – 63 (+ 49) One over $5 million

Priciest property: $6.3 million – 44610 Keith Wilson Dr.



Coquitlam – 888 (+ 234) Three over $5 million.

Priciest property: $7.9 million – 1388 Gabriola Drive



Delta – 463 (+ 113) Two over $5 million.

Priciest property: $5.1 million – 395 English Bluff Rd.



Hope – 2 (no change) None over $5 million.

Priciest property: $1.4 million – 19743 Foster Rd.



Langley City & Township – 1,154 (+ 274) Two over $5 million.

Priciest property: $7 million – 19683 0 Avenue



Lions Bay – 249 (+ 39) One over $5 million.

Priciest property: $5.0 million – 270 Lions Bay Ave.



Maple Ridge – 277 (+ 30) None over $5 million.

Priciest property: $4.3 million – 23103 136 Avenue



Mission – 50 (+ 6) None over $5 million.

Priciest property: $3.8 million – 8738 Stave Lake St.



New Westminster – 115 (+ 69) None over $5 million.

Priciest property: $2.3 million – 42 South Dyke Road



North Vancouver City & District – 5,736 (+ 2,553) Nine over $5 million.

Priciest property: $6.3 million – 828 Beachview Drive*

(Not including an Indian Reserve now assessed at $170 million)



Pitt Meadows – 32 (+ 5) None over $5 million.

Priciest property: $3.2 million – 19341 Lougheed Highway



Port Coquitlam – 48 (+ 3) Two over $5 million.

Priciest property: $7.0 million – 2220 Fremont Street



Port Moody – 217 (+ 51) One over $5 million.

Priciest property: $5.9 million – 1300 Ioco Road



Richmond – 5,433 (+ 3,104) 11 over $5 million, two over $10 million.

Priciest property: $14.8 million – 2771 Westminster Highway



Surrey – 5,087 (+1,878) 21 over $5 million, two over $10 million.

Priciest property: $11.9 million – 17146 20 Avenue



Vancouver – 37,131 (+ 7,996) 550 over $5 million; 75 over $10 million.

Priciest property: $21.7 million – 4707 Belmont Ave. *

(After a large acreage at 3800 4th Ave assessed at $240 million)



University Endowment Lands – 455 (no change) 70 over $5 million; six over $10 million.

Priciest property: $18.4 million – 5695 Newton Wynd



West Vancouver – 10,826 (+ 2,053) 258 over $5 million; 28 over $10 million.

Priciest property: $22 million – 3330 Radcliffe

 

White Rock – 501 (+ 84) Five over $5 million.

Priciest property: $7.4 million – 13616 Marine Drive



- Source: Landcor Data Corp.