The real estate market is starting to get everyone’s attention, which is not something that can be said very often. Those who watch the market normally will be able to tell you that, unless you’re looking to buy or sell or you work in the business, the general public doesn’t tend to pay much attention to the market and the prices as they rise and fall. Now, though, everyone has something to say about it. It’s a never ending increase in digits that is causing concern around the city. Looking at specifics, you can see how overpriced some of the homes are be comparing them to places around the world.
Depending on where you look in the world, you would have an idea of how much a house might cost, even if it’s just ballpark. Even with a hike in price that you’d expect when regular market fluctuations, there’s a huge difference in price. Take a house that was on the market in December of 2014 that was worth $892 000. It’s a hefty price, still, for the size, but its location is prime right in downtown Vancouver. In the report released in December, 2015, that same house was listed as being worth $993 000. That is a 10%, a huge jump for as little amount of time as a year. The number, continuing to climb, could be as high as 20% from the original price if the price continues to rise steadily until December, 2016.
When you look at the size and quality of the homes in the centre of Vancouver, you’ll be shocked at what the asking prices are, even if you’re used to seeing homes that you think are overpriced. Let’s take a look at the specifics.
A home that sells in the heart of Vancouver for one million dollars has four bedrooms and is only 1700 sq feet. It looks a little worn on the outside, and the inside is dated. It’s a good home if you are just looking for something to tide you over, but it’s nowhere as glamourous as the price would suggest.
Now, homes that are “better priced” in Vancouver are coming in at about $650 000, but they are smaller than the one million dollar one we looked at, and further away from the city, meaning a commute and all of the money needed for a car and maintenance must also be factored in.
When comparing the homes to other cities, you can look at somewhere close to home, like a two story one in Seattle. It is located close to downtown and well maintained, coming in at around the same price.
As far as economy and cost of living go, Vancouver has some of the highest prices for homes in the world. Those who are making average incomes will not be able to keep on top of the finances between owning a house and commuting to and from work, or if they can, they’ll be stretched right to the maximum. It makes living, for the average person, a hard task to do when looking at Vancouver as a place to live. It may be where the jobs are, but living and working are two different things that, unfortunately, rely on each other to make a life worth living.
What it all boils down to, is that living in Vancouver is expensive. According to Eddie Yan’s post, the price of real estate has gone through the roof, making the quality of life lower and poorer for those who are looking for a place to live. You can live practically anywhere else in the world for a much cheaper rate, assuming that you can get a job, too. With the crisis continuing to build and climb, everyone living in Vancouver is working at making sure that they stay afloat in the rising tides of real estate and cost of living. Everyone hopes that the tide will soon fall back down to survivable conditions. Time will tell.