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Vancouver WestSider brings you all the top real estate market news to help you make smart choices about the biggest investment in your life, your home.
We focus on macro economic indicators, market headwinds, tailwinds and zoning along with valuable insights into how property values are trending month to month, neighbourhood to neighbourhood.
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Can you guess which city has the cheapest Real Estate???
I bet the answer is going to surprise you…
When I first moved to Vancouver from Halifax 10 years ago I suffered from 'sticker' shock' at the price of real estate. At the time I had sold my home in downtown Halifax for just shy $1MM. It was a large executive style home in a great location. I figured I could get a stellar condo in a similar location in downtown Vancouver.
After searching for months for a realtor who who help me (and that was no small feat, we'll get into that in another article) I started my home hunt. At first I wanted something modern, new and under 1 Million.
After looking at countless horrible properties in that range I succumbed and said, OK maybe 1.5 Million. Then we viewed places that I wouldn't let my dogs live in...up to 1.75M I went. By this point I experienced what many in the luxury market call sticker shock. That absolute gob smacking drop your chin mouth open wide..."You want how much???" "For THIS??"
As it turns out 2016 was the peak of the Vancouver housing market and I couldn't have bought at a worse time. Since then prices in Vancouver have dropped on average 22%. Most in the last year. But as we come out of the pullback I want to clear something up. Something I didn't know when I first moved here but know now. It's also the most common objection and issue I deal with from professionals moving from lower priced housing markets to Vancouver. Everyone thinks the market is overpriced.
Being the market sleuth and analyst I am, I decided to do a comparison of Vancouver real estate to similar cities with top livability, quality of life, amenities, opportunities and beauty. These are the cities I've chosen after asking many people "What city would you consider on par with Vancouver for livability and quality of lifestyle?". These are the top 5 choices that consistently came up:
Melbourne
Zurich
Copenhagen
Singapore
Dubai
The comparisons are based on living in the downtown core in similar style neighbourhoods to that of Yaletown/English Bay side of Vancouver; built after 2020; roughly 1200 sft; asking price; and finally, price per square foot.
Of the 6 cities compared, including Van, would it surprise you to know that Vancouver is the 5th least expensive in this group? It surprised me frankly. Here is the breakdown:
With the exception of Melbourne, I have been to all of these cities and can honestly say that if I were to choose one to live in, Vancouver is my go to. The vibrant, healthy lifestyle, exceptional natural beauty and incredible amenities the city have to offer are not just world class, they are exceptional. Yes there are many beautiful places to live but not many that tick all the right boxes.
So the next time you are wondering if the price per square foot is worth it. Do this kind of comparison first. You too might find that 1200 sft downtown condo more palatable than the investment in Singapore you were considering;)