Million dollar homes expand to Vancouver suburbs

The high cost of single-family detached homes in the City of Vancouver is spreading further into the suburbs according to a study by the Simon Fraser University.

Its director Andy Yan considered data from last year and found that 43 per cent of detached homes in Metro Vancouver were priced at $1 million or more on July 1, 2015 compared to 28 per cent a year earlier.

In the city, there was an increase in the 12-month period from 62 per cent of detached homes valued at 6-figures in 2014 to 89 per cent in 2015. However, in the suburbs, there were also some sharp rises, the Globe and Mail reports.

Port Moody, to the east of the city jumped from 12 per cent to 31 per cent; the City of Burnaby went from 38 per cent to 74 per cent; and Richmond from 37 per cent to 61 per cent.

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