British Columbia is a stunning province. There’s no debating that. The cities are modern and beautiful and you have access to some of the most mind-blowing natural scenes and outdoor activities as well. On top of that, the economy is growing rapidly, making room for young professionals from all over the world who wish to move up in the world.
So it’s not surprising to hear that people from all over the globe are looking for homes for sale Vancouver. However, Metro Vancouver’s real estate market is not as likable as the city itself.
First and foremost, the housing market is known for being difficult to predict. Since the COVID 19 pandemic in Canada, house prices have skyrocketed in British Columbia. However, the future might be more promising.
Despite its affordability, Vancouver is a great place to live. Unfortunately, the housing market has led this city to be one of the most expensive regions in Canada, Meaning that middle-class families that have a yearly income of around $80,000 struggle to find an affordable home in Vancouver.
According to a survey done by Demographic International Housing Affordability, this city is the second most expensive place in the world. And yes, you heard correctly, in the world, not just in Canada.
That being said, Vancouver is still a popular city to live in, there are picturesque outdoor locations, luxurious properties, excellent universities and schools, a great transportation system, and beautiful neighborhoods that provide everything for its inhabitants. If you’re thinking about relocating to this city and buying your dream home in Vancouver, you’re in the right place, we’re here to bring you all the essential information you’ll need. Stay tuned.
The official motto of this city is “By Sea, Land, and Air We Prosper”.
Average House Price in Vancouver
As mentioned before, Vancouver’s real estate market is not affordable for everyone. But you may ask yourself what do we mean exactly? Well, if you’re looking for homes for sale in Vancouver, you need to earn quite a lot to make that happen.
According to the real estate boards, Canada’s average house prices are approximately $633,000, which can be considered high. However, with that in the back of your mind, the prices in the Greater Vancouver Area are around $1,100,000. Yes, that’s almost twice.
This can come as a big shock for many real estate followers, who look for a good investment in this market. Nonetheless, it can be a challenge for common people with a tight budget to buy a single-family detached home or even a condo here.
That being said, Vancouver’s median income is relatively low compared to many other areas in Canada. And as a result, MLS Vancouver mostly attracts rich foreign buyers who look for a successful investment. If you’re a newbie in the real estate world, and you want to learn more about homes for sale in Vancouver, a real estate expert is mandatory. Real estate experts are probably the only people who can help you with this complex task and show you how you can navigate the future of the market, including property tax, purchase tax, and more.
Average Housing Price in West Vancouver
West Vancouver is one of the municipalities in British Columbia and a member of the Metro Vancouver Regional District. This area is known to have a variety of homes including heritage homes in middle and upper-class neighborhoods.
Different areas within West Vancouver such as Arbutus Ridge, or Kitsilano are home to huge shops, cafes, restaurants, and a stunning beach to get a nice tan. Houses included in the Metro Vancouver region are among the most expensive ones globally. This area is also referred to as Greater Vancouver, which is used to refer to the urban and suburban parts.
In this region, even average properties are considered a luxury. With these prices in West Vancouver, it is almost impossible for the younger generation to find affordable homes for sale in Vancouver.
Buying a property in West Vancouver is probably the greatest financial commitment you’ll do in your entire life, meaning it can be more complex than you think, so an expert realtor is recommended.
More than 50 percent of Vancouverites are minorities and over 50 percent are non-native English speakers.
House Prices in North Vancouver
As of 2016, North Vancouver was the second wealthiest city in the country. This municipality is mainly characterized as being a quiet, beautiful, and affluent suburban home to large groups of middle and upper-class families.
This district is the smallest among the three North Shore municipalities. Still, it is the most urbanized one. If you’re looking for your dream home in Vancouver, and you have a relatively tight budget, North Vancouver is your absolute go-to.
Here the average housing prices are lower compared to the North Shore of Metro Vancouver, especially West Vancouver. According to the most recent MLS Vancouver report in January 2021, the average home price in this region is about $1,348,438 per square meter.
Because of the insufficient income and the huge prices in the Vancouver real estate market, buying a house and making an investment can be quite difficult for many potential buyers.
That being said, still, many Canadian citizens save up each year, to buy the dream house for their loved ones. And it shouldn’t come as a surprise to us since Vancouver residents are known to be one of the happiest people in Canada.
In 2021, Resonance Consultancy did a survey that evaluated different cities’ prosperity, job offers, city aesthetics, promotions, livability, money, and more. Based on the result, Vancouver is one of the best cities you can live in.
Vancouver city has 22 neighborhoods, located on the Burrard Peninsula, among the Burrard Inlet and the Fraser River.
Vancouver Real Estate Market and Tax
Yes, the housing price in Vancouver is expensive, maybe more expensive for the majority of people to afford. However, the good news is, if you have enough money to buy a home in Vancouver’s lovely neighbourhood, you don’t need to worry about property tax.
People usually think they have to pay a huge property tax in BC. But fortunately, the property tax is not that expensive. In fact, it is the lowest rate of property tax in entire North America. The price is around $2.56 per $1000 which would sum up to only 0.26 percent of a house`s real value.
Vancouver’s housing market costs are considered to be a fundamental crisis in Canada. In the past few years, the prices have been increasing dramatically, causing a big problem for many realtors. Fortunately, the government is now planning to make homes for sale in Vancouver more affordable to the majority of people.
Neighborhoods and Property Tax
The Greater Vancouver Area is popular among immigrants and the city is a perfect ground for investors, immigrants, and rich buyers. However, nowadays more and more Canadians and locals are able to buy affordable houses with the help of expert realtors. Not long ago, only foreign buyers from countries like China and Iran could afford properties in Vancouver.
The government has now initiated a new plan for first-time Home Buyers in Vancouver. This helps Canadians to take advantage of a loan that is both payment-free and interest-free. Keep in mind that this offer is only for those who have the intention of buying their first home.
To be eligible for this loan, your pre-tax income should be at most $12,000 per year. This loan is entirely interest-free and you don’t need to make any monthly payments. The government plans such as this, have already made a huge impact on Vancouver’s real estate market.
On top of that, there is better news regarding the income increase in BC, which with lowering prices in MLS Vancouver, has made many people optimistic about the future and the possibility of buying their dream house in beautiful Metro Vancouver.
A Few Last Words
Vancouver is considered one of the top five cities for livability and quality of life. Moreover, it is among the top ten list of best-living cities in the entire globe for more than ten years. So whether you want to start a family, or you look for a fresh start, Vancouver cannot possibly let you down.
If you’re hesitant about high prices, just think of it as a long-term investment, which eventually pays up. If you have sufficient income, or even if you don’t, but you think you can save up for it, it’s time to get packed, cause Vancouver has a lot to offer.
With a team of enthusiastic experts in British Columbia, Grayly is here to help you find your dream house. Whether your budget is tight, or you have specific things in your mind, there’s no need to worry. Grayly won’t let you down. To learn more about the British Columbia real estate market, check out the website.