Here’s why many Vancouver homeowners are likely happy over their decision to buy property.

A residential property purchased 10 years ago has doubled in value.

Latest numbers from the Real Estate Board of Greater Vancouver show that the benchmark price of a typical home rose in October 2021 to $1,199,400.

The figure represents a 14.7 percent increase over October 2020, and a 1.1 percent increase compared to September 2021.

When compared to 10 years ago, the $1,199,400 price last month marks a 95.6 percent increase.

The price is a composite of prices of all types of homes, namely detached, townhouses, and condos.

As for detached houses, the benchmark price in October 2021 increased to $1,850,500.

That’s a 20.5 percent increase from October 2020; 1.2 percent up from September 2021; and a 95.4 percent increase from 10 years ago.

For condos, the benchmark price in October 2021 was $746,400.

This means that condo prices had a 9.5 percent increase from October 2020; 1.1 percent increase compared to September 2021; and 96.9 percent up from 10 years ago.

The highest rate of increase over the decade was in townhouses.

Prices are now hovering close to $1 million, with the October 2021 benchmark at $975,000.

That’s a 102.2 percent increase compared to 10 years ago.

The REBGV report released Tuesday (November 2) indicated that the October 2021 benchmark price for a townhouse was 18.5 percent more than October 2020 and 1.2 percent greater compared to September 2021.

The board serves Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.