Here's what $448,000 can buy you in each Vancouver neighbourhood (PHOTOS)

Affordability is such a hot topic in Vancouver right now, one that affects everyone in the city. But we’re sick of repeating the same old stories about rising house prices. We don’t just want to keep telling you that it’s happening, we want to find out why it’s happening and what can be done to tackle it.

Vancouver Affordability Series

Part 1: How Vancouver got so expensive and what you can do about it
Part 2: Why are wages so low in Vancouver compared to other cities?
Part 3: Is Vancouver in the midst of a real estate bubble? Will it burst?
Part 4: Opinion: Why I chose to move to Vancouver
Part 5: Is geography a factor in Vancouver’s affordability crisis?
Part 6: What exactly does it take to afford to buy a home in Vancouver?
Part 7: Here’s what $448,000 can buy you in each Vancouver neighbourhood

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According to the latest figures provided by the B.C. Real Estate Association for June 2016, the benchmark cost of a typical home in the Lower Mainland is $812,000.

If you break it down by type of home, that benchmark – or estimated sale price – is:

• $1,242,900 for a detached home
• $536,000 for a townhouse
• $448,400 for an apartment

Of course, we can talk all we like about a standard going rate for a home, but we all know buying on Main Street is not the same as buying in Kitsilano.

So what could your hard-earned cash get you around town?

To find out, we’ve gathered data on the median cost of different types of homes in several different neighbourhoods across Vancouver.

(A quick note about medians – that means half the homes sold go for more than the median cost, half go for less than the median cost.)

Matched with listings of what you can buy in each area for the benchmark cost of a typical apartment in the Lower Mainland, we hope this provides an interesting snapshot of real estate in Vancouver. Enjoy!

Gastown (Hastings)

Median home cost $444,650

• $1,455,300 for a detached home
• $729,475 for a townhouse
• $375,260 for an apartment

So what can you buy in Gastown for the benchmark cost of an apartment in the Lower Mainland?

This one-bedroom, 502 sq.ft. apartment on Alexander Street, listed at $421,000:

 

West End

Median home cost $ 601,500

• $ 734,100 for a townhouse
• $ 594,600 for an apartment

No figures were available for detached homes, as they do not make up a large part of the market in this neighbourhood.

So what can you buy in the West End for the benchmark cost of an apartment in the Lower Mainland?

This one-bedroom 607 sq.ft condo on Comox Street, listed at $420,000:

 

Yaletown

Median home cost $1,475,800

• $2,901,628 for a detached home
• $1,194,250 for a townhouse
• $660,270 for an apartment

So what can you buy in Yaletown for the benchmark cost of an apartment in the Lower Mainland?

This one-bedroom, 448 sq.ft. apartment on Homer Street, listed at $399,000:

Or if you want to really push the boat out…perhaps you’d prefer this slip for your yacht, listed at $423,000?

Downtown

Median home cost $549,580

• $543,390 for an apartment

No figures were available for townhouses or detached homes, as they do not make up a large part of the market in this neighbourhood.

So what can you buy in Downtown for the benchmark cost of an apartment in the Lower Mainland?

This one-bedroom, 460 sq.ft. condo on Hamilton Street, listed at $424,900:

 

Mount Pleasant (East)

Median home cost $603,890

• $1,656,500 for a detached home
• $1,009,000 for a townhouse
• $ 538,780 for an apartment

No figures were available for detached homes, as they do not make up a large part of the market in this neighbourhood.

So what can you buy in Mount Pleasant (East) for the benchmark cost of an apartment in the Lower Mainland?

This one-bedroom, 652 sq.ft. condo on East 8th Avenue, listed at $448,000:

 

Mount Pleasant (West)

Median home cost $ 938,590

• $ 2,823,000 for a detached home
• $ 1,092,504 for a townhouse
• $ 626,800 for an apartment

So what can you buy in Mount Pleasant (West) for the benchmark cost of an apartment in the Lower Mainland?

Right now, there is nothing on the market in Mount Pleasant (West) listed at or below the benchmark cost of an apartment in the Lower Mainland. The cheapest property we could find was this one-bedroom, 602 sq.ft. condo on West Broadway, listed at $508,000:

Point Grey

Median home cost $3,524,000

• $3,888,400 for a detached home
• $865,833 for a townhouse
• $777,000 for an apartment

No figures were available for townhouses, as they do not make up a large part of the market in this neighbourhood.

So what can you buy in Point Grey for the benchmark cost of an apartment in the Lower Mainland?

This one-bedroom, 645 sq.ft. condo on West 10th Avenue, listed at $405,000:

 

Kitsilano

Median home cost $ 827,200

• $ 2,738,800 for a detached home
• $ 1,062,100 for a townhouse
• $ 525,690 for an apartment

So what can you buy in Kitsilano for the benchmark cost of an apartment in the Lower Mainland?

This one-bedroom 572 sq.ft. condo on Yew Street, listed at $448,000:

 

Note: This property is listed as Yew Avenue by the realtor. However, it is in fact Yew Street, and have we used that name instead.

Hastings Sunrise

Median home $1,312,725

• $1,556,950 for a detached home
• $310,612 for an apartment

No figures were available for townhouses, as they do not make up a large part of the market in this neighbourhood.

So what can you buy in Hastings Sunrise for the benchmark cost of an apartment in the Lower Mainland?

This no-bedroom, 477 sq. ft. studio on Renfrew Street, listed at $249,000:

 

Main Street

Median home $1,465,501

• $1,759,098 for a detached home
• $556,478 for an apartment

No figures were available for townhouses, as they do not make up a large part of the market in this neighbourhood.

So what can you buy around Main Street for the benchmark cost of an apartment in the Lower Mainland?

Right now, there is nothing on the market around Main Street listed at or below the benchmark cost of an apartment in the Lower Mainland. The cheapest property we could find was this two-bedroom, 788 sq.ft. condo on Ontario Place, listed at $489,800:

 

Marpole

Median home $699,840

• $2,346,700 for a detached home
• $1,035,120 for a townhouse
• $454,150 for an apartment

So what can you buy in Marpole for the benchmark cost of an apartment in the Lower Mainland?

This one-bedroom, 452 sq. ft. apartment on Nunavut Lane, listed at $419,000:

 

SW Marine

Median home $2,824,039

• $3,358,300 for a detached home
• $656,900 for an apartment

No figures were available for townhouses, as they do not make up a large part of the market in this neighbourhood.

So what can you buy in SW Marine for the benchmark cost of an apartment in the Lower Mainland?

Right now, there is nothing on the market in SW Marine listed at or below the benchmark cost of an apartment in the Lower Mainland. The cheapest property we could find was this one-bedroom, 617 sq.ft. condo on Granville Street, listed at $558,000:

 

Fraserview

Median home $ 875,440

• $1,728,200 for a detached home
• $ 622,075 for a townhouse
• $497,660 for an apartment

So what can you buy in Fraserview for the benchmark cost of an apartment in the Lower Mainland?

This two-bedroom, 829 sq.ft. apartment on E Kent Avenue, listed at $428,000:

 

Shaughnessy

Median home $ 4,540,600

• $ 4,848,800 for a detached home
• $ 674,600 for an apartment

No figures were available for townhouses, as they do not make up a large part of the market in this neighbourhood.

So what can you buy in Shaughnessy for the benchmark cost of an apartment in the Lower Mainland?

Right now, there is nothing on the market in Shaughnessy listed at or below the benchmark cost of an apartment in the Lower Mainland. The cheapest property we could find was this two-bedroom, 1033 sq.ft. condo on Wolfe Avenue, listed at $699,800:

 

Kerrisdale

Median home $2,174,800

• $3,677,100 for a detached home
• $1,563,560 for a townhouse
• $802,390 for an apartment

So what can you buy in Kerrisdale for the benchmark cost of an apartment in the Lower Mainland?

Right now, there is nothing on the market in Kerrisdale listed at or below the benchmark cost of an apartment in the Lower Mainland. The cheapest property we could find was this one-bedroom, 706 sq.ft. condo on W 42nd Avenue, listed at $588,000:

 

Note:

All statistics are the most current available. In the case of benchmark pricing, that is June 2016. In the case of neighbourhood figures, that is May 2016.

Neighbourhood figures are smoothed over the first five months of the year to account for changing distribution of costs at the neighbourhood level on a monthly basis.

No figures were available on Strathcona, so these were approximated by the BCREA, using Main Street as a basis. That section of this story was headed Strathcona (Main St), but we have retitled it Main Street, to better reflect the figures and listing given.

All listings were active when checked on July 15, 2016.

Source:

Statistics were provided by the BC Real Estate Association.

Real estate listings were sourced from REW.ca on July 14, 2016; in each neighbourhood the most expensive listing still within the benchmark cost of a Lower Mainland apartment was selected. Where none existed the cheapest option with images was selected.

Editor’s Note – This post originally cited the benchmark cost of a typical home in Vancouver and then referred to this as a median. In fact, that figure covers the whole of the Lower Mainland and is not a median, but an estimate. This has now been corrected.

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Vancouver Affordability Series

Part 1: How Vancouver got so expensive and what you can do about it
Part 2: Why are wages so low in Vancouver compared to other cities?
Part 3: Is Vancouver in the midst of a real estate bubble? Will it burst?
Part 4: Opinion: Why I chose to move to Vancouver
Part 5: Land-locked region: Is geography a factor in Vancouver’s affordability crisis?
Part 6: What exactly does it take to afford to buy a home in Vancouver?
Part 7: Here’s what $448,000 can buy you in each Vancouver neighbourhood