Vancouver condos are expensive, and now we know it’s also one of the priciest markets in the world.
Earlier this month, the Real Estate Board of Greater Vancouver reported that the benchmark price for all residential properties in Metro Vancouver is currently $1,071,800.
The Board also said that apartment sales were 5.5% above the 10-year February average.
In fact, REBGV President Jill Oudil said that “the supply of apartment and townhome properties for sale today is unable to meet demand.”
The benchmark price of a condo is currently $682,800, which is 27.2% higher than February 2017.
And a recent RE/MAX report outlined where Vancouver sits on the global scale in terms of condo sales.
Surprisingly, or perhaps not, Vancouver was the only Canadian city in the 10 most expensive downtown apartments per square footage.
The list includes Hong Kong at number one, sitting at $3,268 per sq. ft., New York is at number 5 with its $1,647 per sq. ft., and Vancouver is at number 10.
The cost per square footage for a downtown apartment is $1,195, and is significantly higher than Toronto’s, which is $791.
And the rental market isn’t any better.
According to a City of Vancouver report, “affordable housing” is now $1,730 for a one-bedroom apartment, $2,505, for a two-bedroom, and $3,365 for a three-bedroom.
Perhaps it’s those mountain views, but Vancouver is definitely a pricey city when it comes to real estate.