Vancouver’s housing affordability closes in on San Francisco

Century 21 Canada survey compares global real estate prices

Credit: Century 21 Canada

The 20 most expensive cities on Century 21 Canada’s survey of global housing prices

Century 21 Canada survey compares global real estate prices

Home owners in Vancouver have another reason to smile—those with purchase ambitions, not so much. In a Century 21 Canada affordability survey of 75 major cities in more than two dozen countries, single-family homes in Hong Kong’s Kowloon neighborhood rank first at an astronomical $3,570.23 per square foot (all prices in Canadian dollars), but Vancouver is steadily creeping up.

At No.6 on the chart, Vancouver is nearly on par with Northern California’s real estate jewel, San Francisco in fourth place : a single-family home in West Vancouver averages $824.47 per square foot (compared to the city by the bay’s $934.96).

Another interesting finding, often reflected in Vancouver’s sky-rocketing property assessments: price per square foot for urban condo spaces generally outpaced those of single-family units. A condo in downtown Vancouver averages $1,172.80 per square foot compared to $1,454.57 in San Francisco.

“While prices are no doubt expensive, we really rank in the middle of the pack when compared to other global cities,” reasoned Century 21 Canada’s Executive Vice-President Brian Rushton in a release.

What does this mean for the future? If Singapore is any indication, open the wallet. In the decade since Century 21 Canada’s 2007 survey, typical homes in Singapore—ranked one of the most affordable cities in 2007—witnessed increases in value of more than 600 per cent.