Why did we choose $500,000? Well, the average cost of a home in Canada is over $500,000 dollars according to the Canadian Real Estate Association. This was the largest increase in British Columbia over the past year. Now let’s take a look at what that can buy you in the Vancouver Real Estate Market.
Vancouver Real Estate Market
Vancouver
To kick off the list, let’s first start off with Vancouver. The only homes within that price range are apartments and condominiums.
This property in False Creek is listed for $499,000 and is walking distance from Kitsilano Beach, Granville Island, and downtown.
The downside is that this property is 520 square foot. If you are okay with a tiny living space and really want to live in downtown Vancouver, this may be an option for you.
But that is not the case for many people and a larger living space is required.
It is nearly impossible to find a detached home for the average Canadian household prince in the Vancouver real estate market.
Burnaby
Next on the list is Burnaby.
The pricing is working it’s way down from Vancouver. Only townhomes and apartments are available within the price range.
The best available unit right now was located on Denbigh Avenue in Forest Glen. It is a little bigger than the Vancouver unit with 600 square feet.
But with higher square footage comes with extra strata fees. This unit currently has $249/monthly strata fees.
The Burnaby location is a little older and was built in 2004.
Port Coquitlam
Getting a little closer to owning a detached home. In Port Coquitlam, you can afford a townhouse for $499,900.
This is a 1678 square foot home that was built in 1990 (26 years old).
The biggest selling feature on this home – no toll bridges to Vancouver. This is the furthest location to Vancouver without having to cross a toll bridge.
People used to go Port Coquitlam for it’s affordability, but price hikes have been affecting the region as well now.
Surrey
Finally, a location where you can find a detached home but don’t get your hopes up.
The modest 1630 square foot home will run you a cool $499,000. That is a little bigger than the previous places. It even comes with a yard!
The lot size of this unit in Bolivar Heights (near the Putillo bridge) has a 5990 square foot lot.
The detached home is significantly older than the other two places. It was built in 1950 (66 years old).
Regardless of the age, the listing, however, says that the 3 bedroom side suite has been removed and has been upgraded with laminate floors and newer kitchen cabinets.
Abbotsford
The furthest you probably want to go if you are making travels to Vancouver. The prices have gone to the Fraser Valley.
This detached home will give you the largest living space at 1924 square foot and the biggest lot at 6000 square foot.
It is a little newer than the Surrey detached home and was built in 1983 (33 years old).
Conclusion
Home prices in Vancouver real estate market have affected the prices of homes. There has been a sharp increase in prices and it seems like it is only going up from here.
It all depends on when this market is going to plateau. It is necessarily going to crash but hopefully the market can slow down so detached homes can become affordable to more people.
