British Columbians already know home prices are out of control.
But, it really puts it into perspective when you hear an average home in this province costs 164% more today than it did 18 years ago.
That's right.
In 2006, the average price of a home was $364,567.
Today it's $962,400.
That's how you get the runaway 164% increase.
And to put it another way, today's average home is $597,833 more than it was 18 years ago.
By the way, these comparisons come from calgaryhomes.ca, which compiled the numbers for all provinces.
More on that later.
The average prices for both 2006 and 2024 are for what's called a 'composite' house.
The composite is the number you come up with when you average the selling prices of two-storey and bungalow single-family homes, townhouses and condominiums.
The composite provides one number that's easy to use as a comparison.
But we all know a single-family home costs more than a townhouse and a townhouse more than a condo.
Plus, the composite is for the whole province of BC.
Again, we all know prices in Vancouver, Victoria and Kelowna are astronomical, while prices in Prince George, Port Hardy and Creston are more affordable.
So, the composite average for BC is just that -- an amalgam of the prices in all regions, whether they be hefty or more reasonable.
Back in June, KelownaNow did a similar story with numbers provided by the local Royal LePage brokerage on how home prices have skyrocketed over the past 25 years.
In 1999, the median selling price of a single-family home in Kelowna was $188,004, a townhouse $149,209 and a condo $110,989.
By 2024, prices were up to $1,028,256 for a single-family house, $699,928 for a townhouse and $492,219 for a condo.
See the full story here:
The numbers from both stories show how inflation has jacked up the price of home over the years.
Yet, people's incomes haven't gone up that quickly, so housing has become increasingly more unaffordable for many.
You can also look at the numbers one of two ways.
If you bought a home in BC 18 years ago for $365,000, you made an incredible investment because it went up 164% to be worth $962,400.
However, if you're looking to get into the real estate market in BC right now as a first-time buyer, you're faced with historically high prices that will eat up way more of your earnings.
The following lists show the biggest and smallest price jumps by province.
Calgaryhomes.ca collected and distributed the information to show that Alberta is the top province for prospective homeowners, based on the smallest increase in the cost of housing 2006 to 2024.
"This data can help aspiring homebuyers to make informed decisions about where to establish roots and embrace the exceptional quality of life that Canada offers," reads the calgaryhomes.ca news release.
KelownaNow also did a story back in June about twice as many British Columbians moving to Alberta for bigger paycheques and housing affordability.
That story is here: https://www.kelownanow.
