Real-Estate Story of the Week
The beautiful coastal city of Vancouver, though not a secret before, was displayed to the world while hosting the 2010 Winter Olympic Games. Vancouver is known for a multitude of things, including being one of the most expensive places to live in Canada. However, most people feel that the high price tag is definitely worth their while. Multiple ski resorts within a short driving distance (within city limits) a beautiful coastline and beaches, great cultural districts, and many other reasons are what have drawn 2.5 million people to call this city their home.
Today, a survey examining of 325 metropolitan areas worldwide declared this coastal city as the 2nd most expensive city in the world, next to Hong Kong. In fact, they surpassed Sydney, Australia, who was currently standing in this 2nd most expensive, or, “least affordable city” position. Though, with a current medium house price of $687,000, the shoe seems to fit. In April, 2011, the medium house price reached a peak at $900,000. These daunting numbers are most definitely going to create some attention for Vancouver, but whether this attention is negative or not is open to interpretation; it could very well attract some property investors with large wallets, or remove itself from a potential living destination for young buyers. Only time will tell if Vancouver’s newly declared “ranking” will have a significant effect on the real-estate market…or not.
Do you think that this title will be detrimental to the Vancouver real-estate market? Does this confirm what we were talking about in our Stroke of Luck post about Canada’s real-estate domain finally building itself back up? Follow us on Twitter to share your ideas and for more updates.
photo courtesy of Hubert Figuiere
