Graduating from a condo to a house in Vancouver is gruelling
If you’ve purchased a condo as a starter home and wanted to upgrade to a house, it’s much harder than you might realize, especially in a region like Metro Vancouver.
In Vancouver alone, houses are over $1.2 million more expensive than a condo, according to a recent report from Point2Homes.
Point2Homes says that houses cost more than double the cost of condos in 14 cities. Aside from Calgary, those cities are either in BC or Ontario.
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Upsizing in Vancouver is so unattainable that Point2Homes says one must save up an entire income for “nearly 16 years to bridge the $1.24 million price gap.”
Aside from Vancouver, the cities with the biggest discrepancies are Surrey, Richmond, and Abbotsford.
In Richmond, you’d be saving for around 12 years. In Burnaby and Coquitlam, you’re looking at saving up for more than eight years.
On a national level, it takes over two years of income to cover the $214,600 difference between the cost of a condo and a house. Across Canada, houses are nearly 40% more expensive than condos.
“In a market defined by chronically increasing interest rates and steady demand, the idea that homeowners can comfortably one-up their residence is unlikely,” Point2Homes reports.
“What’s more, the concept seems particularly inconceivable when it comes to apartment owners looking to switch up to a house.”
Point2Homes examined benchmark prices for condos and housing units and the local median household income.
As usual, Vancouver leads the pack when looking at the lack of affordability.
Point2Homes
The place where it’s easiest to switch from a condo to a house is in Trois-Rivières, where the benchmark house price is $280,000 and the benchmark condo price is $236,000.
Click here for the full report.