Money Sense’s annual rankings on Canadian real estate reveals where the best places to buy are in our great nation. This may alarm a few people but Vancouver did not fair so well in the real estate department, the city got an overall ranking of a C +. In reality this shouldn’t come as much of a surprise to anyone that lives out here. In fact none of the major cities (except for Ottawa) faired that well in the annual ranking.
House prices in the city of Vancouver now average $1,000,000 for a detached home. In the once not so desirable east side, houses routinely sell for more than a million dollars. Hence, one need not be a rocket scientist to know that Vancouver is unaffordable, especially for those not willing to work and or save for a home.
At the end of the day you won’t catch me living in any of the smaller cities that top the list. No offense to the great people of Moncton (topped the charts), you’re town just isn’t for me and if it were a desirable place to not only own a home but live the sort of lifestyle most of us west coasters seek, I’m sure there would be upward pressure in the real estate market.
Vancouver did fair well in the momentum (grade: B) and economy (grade: A-).
Many expect the bubble to burst, I don’t see that happening. We went through the toughest recession in decades and we’re already at or above pre-recession levels. This is not to say prices won’t come down. The income levels certainly aren’t appreciating at the same rate as house prices. However, when real estate prices come down there is always a line up of buyers ready to pounce. Unless we see a really fast increase in interest rates the market will remain bullish on Vancouver.
Here is the breakdown for cities.