Vancouver is a seaport located in British Columbia. Ethically it is the most diverse city in Canada. It is a popular scenery that is surrounded by mountains and for art and theater. So, if you are interested in art and theater, living in Vancouver will be a good choice.
If you are planning to settle in Vancouver, you have to look at the average cost of living here as a part of the relocation plan. So, is it affordable to settle in Vancouver? The answer is yes. In fact, this city has scored high on all international standards of living indexes. Vancouver offers its residents a cultural and vibrant lifestyle. Moreover, it is a very clean and safe city.
Average Housing Price in Vancouver:
Vancouver’s average housing price is $1,288,409. There are 1424 new listings in the city. Vancouver has 28 days on the market to sell housing. The city’s average selling price is $1.3M. The selling to listing price ratio is 99 percent.
According to Canada mortgage and housing corporation, the housing starts of Vancouver are down about 27 percent so far this year as compared to 1 percent for Canada as a whole.
Homes for Sale in Vancouver:
Vancouver is a wonderful Canadian city with amazing real estate. You can buy a house within the range of $400,000K to $600,000K with all the basic facilities. Currently, a single-family residential apartment is available for sale at 2533 PENTICTON STREET, 200 Vancouver, British Columbia. The price of this apartment is just $335,000. This apartment has 3 beds and 2 baths and is perfect for a single-family. Similarly, a single-family house is also available at the cost of $519,900. This apartment has one bed and one bath. So, you can find houses within different ranges in different areas of the city.
What Kind of Houses Can You Afford in Vancouver?
Vancouver offers its residents a number of different construction styles at affordable rates. The most affordable ones are condominiums. Condominiums are available with a different number of beds and baths and obviously, their price will also be different. The cheapest ones are one-bedroom condos with just $492K. The average price of condos in Vancouver is $874K. Likewise, the average price of a townhouse in Vancouver is $1.4M and detached houses are $2.6M.
Vancouver Housing Market Outlook:
According to economists, you should wait until 2022 to buy a house in Vancouver. High prices and low supplies will be faced by prospective home buyers. Cooling in the price growth is seen by the economist. This is only possible when demands and construction pickups are held steadily.
If you want to buy a typical metro home in Vancouver then your income should be $100-163K. At a current benchmark, buying a typical metro house in Vancouver requires a typical annual income of $100,000. Recently, the mortgage rate of fixed thirty years is hovering 2.9 percent. By the coming year, this rate will hit almost 4% according to Freddie Mac’s forecast.