Housing Prices Are Leaving Some Out in the Cold

Vancouver is well known as a city for the rich. It has been ranked as number 2, second only to Hong Kong, as the most expensive city in the world to live. Home prices and the cost of living combined to create one very pricey place to live. Just how pricey? Well, consider the fact that the average cost of a ‘dream home’ in Vancouver goes for right at $1.2 million for a detached home. That is a ridiculous amount that cannot be ignored.
So what’s behind this increase? Vancouver is a gorgeous city that sits right between a luscious mountain range and the fertile Pacific Ocean. Because of this prime location the city grew. Today it is home to over 650,000 people all living within 44 square miles of one another. This makes it close to impossible for people to build new homes and so Vancouver is home to thousands of condos and apartment complexes. Of course, these condos themselves average around 1,000 square feet if a person is lucky. The city has also become a mecca for both real estate and business, and as such it has created jobs that cannot be found in other cities.
Families all over Vancouver have compromised on the size of their homes just to be able to pay the bills. For example, in Vancouver’s West Side families can expect to pay $2.4 million for a detached two-bedroom home, a cost that has skyrocketed over the past 10 years, causing many couples to rent instead of investing in the market. Of course, apartment rentals aren’t all that much cheaper averaging around $1,500 a month for a two bedroom location. But this is what many couples raising a child have to resort to in order live comfortably in the most expensive city in Canada.
Even homes with two six figure incomes can expect to live on the lower end of the spectrum in Vancouver. The market for property alone stands at $1.2 million for a single detached home lot. This of course, doesn’t even count the cost of building and taking out a loan.
Although Vancouver’s increase in home prices is good for home owners and sellers it isn’t necessarily a great thing for families who wish to eventually settle down in the city. The economy in Canada continues to increase in a positive manner but the price to purchase a standard home in Vancouver is truly leaving young families out in the cold wishing for a break. But for those that have chosen to raise their family in Vancouver, no cost is too high to bear.

You are still be able to find the right home in right price with the help of top Vancouver real estate agents. Feel free to search all active MLS listings and more at http://angelhome.ca

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