Condos & Houses for Sale in Greater Vancouver
Vancouver residents will need 100 yearsThe study showed that in some areas of Vancouver, it takes people 100 years to save up for a down payment for a mortgage. The analysis is based on average data on household income before taxes and house and apartment prices. It takes an average of 93 years to save up for a house in Vancouver East. In this part of the city, the average family income is 65 thousand Canadian dollars a year. In the Vancouver West area, households with the same income can take up to 218 years to do so. "In the three most expensive high-end neighborhoods, including Richmond, Vancouver West and West Vancouver, where median home prices range from C$1.5 million to C$2.9 million, it will take more than 100 years to save up for a down payment." Single-family homes may not be available at all to people with average incomes. In terms of apartments, the least expensive options are found in North Delta, Maple Ridge and Port Coquitlam, where prices range from 372,000 to 437,000 Canadian dollars. The most expensive apartments are sold in the areas of West Vancouver, Vancouver West and Burnaby, where prices range from 650 thousand to 1.04 million Canadian dollars.
Where are the less expensive single-family homes found?
Even in municipalities such as Maple Ridge, North Delta and Pitt Meadows, where less expensive $800,000-900,000 single-family homes are found, housing is out of reach for middle-income people. According to Graham, buyers would have to save up for a down payment from 27 years to 31 years. Real estate in Vancouver remains an unaffordable luxury for many locals, even as prices have come down over the past year.
Greater Vancouver Real Estate Department data
According to the Department of Real Estate of Greater Vancouver, the price for all types of properties in October 2021 was 992.9 thousand Canadian dollars. This is 6.4% less than in October last year, 1.7% less than in the last six months, and 0.2% more than in September 2021. Single-family homes cost an average of 1,410,500 Canadian dollars (-7.5% per year), apartments - 652,500 Canadian dollars (-5.9% per year).