Vancouver No. 1 in most expensive area to buy a home
Duffie Osental
Canadian Real Estate Wealth
According to survey conducted by Century 21, Greater Vancouver comes up on top as Canada’s most expensive metropolitan area to buy a home.
Vancouver has eight neighbourhoods in Canada’s top ten most expensive areas in price per square foot, with its downtown coming in at first place at an average price of $1,345 per square foot.
To collect this data, Century 21 asked its franchisees to track the average price per square foot in their local markets from January 1 to June 30 of each year. This information was then compared with past data to gather insights on pricing trends.
“This year’s annual survey of prices per square foot underline that many Canadian markets are seeing fluctuating prices,” said Brian Rushton, executive vice-president at Century 21 Canada.
“In several urban areas we saw prices decline in one suburb but increase in the neighbouring one. That trend has very likely only increased further since our cut-off for data earlier this summer. Now more than ever it is important to have good information when making real estate buying and selling decisions.”
Downtown Vancouver and West Side Vancouver take the top two slots, with the average price per square foot of the latter neighbourhood at $1,147. Downtown Toronto and Montreal are the only neighbourhoods in the top ten that are outside of British Columbia.
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