One year ago, I made the case Vancouver’s housing market was being driven by foreign money. My evidence was the fact high-end properties were appreciating more than low-end properties. This doesn’t happen when local buyers are fueling large price gains with borrowed money.

Over this past year, the real estate market in Vancouver has gone to a whole new level of insanity.

The question is, are we still seeing higher-priced properties appreciating faster than entry-level homes. If so, that would demonstrate that the Vancouver market is still being primarily driven by foreign capital. The answer is an obvious ‘yes’.

Just Sold: 101-1168 Richards Street
Last Sale: March 2015 – $975,000
Assessed: $952,000
Asking: $1,399,999
Sold: $1,500,000
Sold in 5 days for 54% more than previous sale 14 months earlier. There were some renovations, but nothing major. Here are the before and after pictures:

101-1168 Richards – Before

101-1168 Richards – After

Just Sold: 1501-428 Beach Crescent
Last Sale: December 2012 – $1,950,000
Assessed: $2,270,000
Asking: $3,080,000
Sold: $3,280,000
Selling price 68% higher than previous sale 3 years and 5 months ago, 44% higher than assessed value. Sold in 2 days, no pictures provided in listing. Why bother?

Just Sold: 2003-918 Cooperage Way
Assessed: $893,000
Asking: $1,399,000
Sold: $1,350,000
This one actually went for less than asking, but still 51% higher than assessed value. Sold in 13 days.