runaway real estate market

(January 08, 2017 , posted in West Vancouver Homes)



2016 has been a phenomenal equity gain year for West Vancouver home owners. The West Vancouver House Price Index (HPI) was $2,659,000 for January 2016 and spiked seven months later at $3,365,600 for July. That's a 73.5% price increase; $700,000+!

Often West Vancouver (WV) summer market activity lessens however when B.C.'s government instituted a 15-per-cent Property Transfer Tax on purchasers from other countries, on July 25th, sale activity plummeted.  And WV's Home Price Index adjusted as well.  Down approximately 11% in December ($2,948,200) from July ($3,265,600).
The MLS Home Price Index (HPI) is modeled on the Consumer Price Index (CPI) which measures the rate of price change for a basket of goods and services, including food, clothing, shelter and transportation. Instead of measuring goods and services, the HPI measures the change in the price of housing features. Thus, the HPI measures typical, pure price change (inflation or deflation).
For a much more detailed explanation of this tool, go to the statistics section of realtor.ca
Check out how West Vancouver's house market unfolded last year:



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