Vancouver Real Estate Now “More Expensive than New York”

September 27, 2017

Vancouver New York Composite

Global price-per-square-foot survey ranks Vancouver sixth of 75 cities for priciest condos; Toronto in 12th place

Even in the past couple of years, it used to be that although Vancouver’s home prices were expensive, the city ranked somewhere in the middle for average price per square foot when buying a condo, compared with other major global cities.

But since the latest price surges seen this year, this seems no longer the case, if the results of a new survey are anything to go by.

The Canadian office of international real estate brokerage Century 21 polled its agents in 75 cities in 27 countries around the world to compare the average price per square foot (APPSF) in both condos and single-family homes in the downtown areas of those cities.

At $1,172.80 APPSF, Vancouver condos came in sixth in the rankings.

Hong Kong proper came in first place at $2,330.81 APPSF, and this was followed by Hong Kong’s Kowloon area, Hong Kong’s New Territories, Al Khobar in Saudi Arabia, and San Francisco in fifth place at $1,454.57 APPSF.

New York came in seventh at $1,110.77 APPSF, and Toronto came in 12th place at $833.20 APPSF for downtown condos – a price comparable with Shanghai and Tokyo.

The brokerage also acknowledged the absence of sufficient data from London, UK, and Paris, France, to include those expensive cities in its price rankings.

Brian Rushton, executive vice-president of Century 21 Canada, told that he was not surprised to see that Vancouver condos cost slightly more per square foot than those in New York.

“You have to consider that the New York condo calculations include many older units that tend to be a lot larger than those in Vancouver, and that reduces the average price per square foot,” he told at a Century 21 Canada media event.

The brokerage also acknowledged the absence of sufficient data from London, UK, and Paris, France, to include those expensive cities in its price rankings.

Rushton added, “While Vancouver’s prices are no doubt expensive, we really rank in the middle of the pack compared with other major global cities.”

Single-family homes, which are typically more expensive than condos but have a lower APPSF due to economies of scale, saw a slightly different global ranking.

Vancouver came in eighth place at $824.47 APPSF for detached homes, with the same cities as in the condo rankings also beating out Vancouver for priciest houses (aside from Al Khobar), but with Beijing, Shanghai and Singapore also ranking as more expensive than Vancouver’s detached houses.

Toronto placed 14th most expensive for its single-family home APPSF, at $594.66.

See the top 30 rankings for both condos and single-family homes below.


Century 21 house and condo rankings

Joannah Connolly is editor-in-chief of Glacier Real Estate, Glacier Media's real estate division. Joannah writes and curates real estate news for Glacier Media's local newspapers, including the Vancouver Courier, and is editor-in-chief of Real Estate Weekly Homes, West Coast Condo, Western Investor and Glacier's special real estate publications. A dual Canadian-British citizen, Joannah has 21 years of journalism and editing experience in Vancouver and London, with a background in construction, architecture and business media. Joannah has appeared on major local TV outlets as a real estate commentator, has moderated and spoken on various industry panels, and spent two years hosting the Real Estate Therapist radio show on Roundhouse Radio.
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