A nationwide study conducted by Century 21 Canada has revealed that the price-per-square-foot (PPSF) of single detached homes on Vancouver’s West Side continues to be the highest in Canada despite decreases over the last year, while housing prices in other parts of the province have been softer.
Century 21 Canada’s annual survey of PPSF across Canada found condos in downtown Vancouver are the most expensive properties in Canada at $1,345 per square foot. For detached houses, Vancouver West Side continues to have the highest-priced properties in Canada at $1,147 PPSF, down 5.19 per cent from $1,210 last year.
Vernon had the second-highest price of communities outside of Metro Vancouver.
In Vernon, prices shot up 10 per cent to $366 from $331 in 2017. That’s up from $116 in 1998, 20 years ago. Townhouses, meanwhile, came in at $318 PPSF. Only Victoria was higher, going up more than 11 per cent to $509 PPSF.
Overall, Vancouver houses came in at $856 PPSF, down from $890 last year, due to lower prices on the East Side. It is important to note that the data includes prices between January 1 and June 30, 2018, to ensure an accurate comparison to Century 21 Canada’s 2017 survey, so price changes since then are not reflected.
Just outside the city, Burnaby was substantially lower than average at $599 PPS, up 1.91 per cent from $588 last year, while prices in Richmond and West Vancouver jumped more than 10 per cent to $677 and $898.50, respectively. White Rock/South Surrey houses fell more than 8.5 per cent to $506 PPSF.
In the Fraser Valley, Chilliwack houses rose in price 14 per cent to $297 while townhouses and condos surged even more to $261 and $283, respectively.
“It is no surprise that Vancouver’s downtown and West Side once again topped the list of Canada’s most expensive properties per square foot, even with a small decline over the last year,” said Brian Rushton, executive vice-president of Century 21 Canada. “Looking across B.C. the price variation is remarkable. Going out just one or two suburbs cuts your price in half, while prices in more rural areas are closer to a quarter or less of those in Vancouver.”
Earlier this year CENTURY 21 Canada also commissioned a survey of 1,000 Canadians in several larger cities about how close their current living situation is to their ideal.
The survey found only 39 per cent of Vancouver residents are living in close to their ideal situation (8 – 10 on a 10-point scale), while 21 per cent reported their situation is far from ideal. At 37 per cent, more Vancouver residents said an apartment or condo is their ideal living situation than anywhere else in Canada.