Vancouver is the most populous city of British Columbia in Canada. It is consistently praised as one of the most scenic and livable cities in the world, as a result, there is a high demand for residential real estate, resulting in some of the
. Toronto and Vancouver have the
. As of August 2020, a rental property in the city center of Vancouver had a
How much does it cost to live in Vancouver?
In the last decade, residential real estate in Vancouver has been in short supply, with
vacancy rates of about one percent, but in 2020, the vacancy rate increased more than two-fold. Despite this development,
rental rates have continued to climb, from less than 1,000 Canadian dollars per month on average in 2009 to over 1,500 dollars in 2020. House
prices followed a similar trend and in 2020,
house prices in Vancouver grew by over 11 percent, making the
average sales price of a single-family detached home about 1.5 million Canadian dollars. With housing so expensive, affordability is a major concern. Although the
housing affordability improved between the second quarter of 2020 and 2021, Vancouver remains the city with the highest home value to income ratio.
Why is housing so expensive in Vancouver?
One of the main reasons is the high investment appetite by foreign and domestic buyers looking to capitalize on rising house prices. In response to the public concerns about the high number of vacant dwellings, in 2018, the government introduced a speculation and vacancy tax and according to the Ministry of Finance, the levy has had a positive effect on long-term rentals. Meanwhile, the luxury housing market remains strong, and in the first half of 2020, there were about
2,000 luxury home transactions. In 2020, the average sales price of luxury homes in Vancouver was 1.85 million Canadian dollars while the average
number of days a luxury home spent on market was 55 days before being sold.
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