Portland Oregon vs. Vancouver BC
I just returned from a trip to Portland Oregon and thought it would be interesting to compare this specific US market to Vancouver. Portland is the 3rd largest city in the pacific northwest, after Vancouver and Seattle. Like most place Portland has seen a large increase in house prices, but has seen the market cool or drop recently.
According to the most recent numbers I can find:
Vancouver median family income for 2004: $56,200. (source)
Portland median income for 2003: $67,900 usd. (source)
Vancouver average house price March 2006: $705,000. (source)
Portland average house price: $318,200 usd. (source)
Converting the Portland numbers to $CAD at today exchange rate gives you an average household income of $77,107 CAD to buy the average house costing $361,347.
Here’s a specific example on house prices in Portland: The house I was staying in was located in North Portland, 15-20 minutes out of the downtown core. In Vancouver terms I think it would be approximately like southeast vancouver. This is an older 2 story ‘fixer upper’ house on a double lot with full basement and some renovations on a quiet street near a major road. The house was recently assessed at $230,000.
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November 30th, 2006 at 11:29 am
November 30th, 2006 at 11:47 am
November 30th, 2006 at 12:52 pm
It would be fair to compare the run-up in Vancouver to the run-up in portland, as Vancouver is historically unaffordable relative to other North American cities.
November 30th, 2006 at 2:21 pm
The return to sanity is slow but it seems we’re headed that way.
November 30th, 2006 at 2:55 pm
November 30th, 2006 at 3:00 pm
November 30th, 2006 at 3:09 pm
The interesting thing is there are still concerns about affordability and the quick run-up of prices in Portland, even at those ‘low’ prices. Two years ago the $230k house I mentioned was assessed at $160k.
November 30th, 2006 at 3:14 pm
Woodenhorse: if exhuberance got us into this mess why can’t it get us out?
November 30th, 2006 at 10:53 pm
Vancouver is beautiful city of the world.Peaceful most advance awesome buses and skytrain convenient,pullution free ,lots of beach,mountains,night life, very creative and cost of living is very high(ICBC and HYDRO is hard to handel monopoly)There is no country in the world have street like Canada world is very congested but not canada these all facts gives Vancouver real estate to grow more as prices over here are still very cheap compare to Chicago,New York,Central London,Hong Kong,Bombay,and New Delhi people have a chance to fill the gap I am sure Vancouver will go up to $1000 squire feet very soon only its taking time to convince people because something new is happening first time people need time to digest
November 30th, 2006 at 11:35 pm
Doesn’t that prove the point? We are poor, yet pricy?
I’m guessing its because they have a more robust economy..
Generally, higher national incomes are related to higher producivity.
Why are any of you trying apply logic to what is clearly an illogical situation?
I think they are proving the illogic rather than applying logic. Does it matter? Can’t hurt pushing logical arguments in an illogical world.
December 1st, 2006 at 9:16 am
Parsing your comments has replaced Sudoko as my morning brain teaser.
December 1st, 2006 at 10:49 am
City: ~500,000, Metro: ~2,000,000, State/Province: ~4,000,000
Driving through Oregon on the I-5 it’s almost all cows and crappy little mills, but maybe that’s BC for the most part as well…
December 1st, 2006 at 1:32 pm
I think they are proving the illogic rather than applying logic. Does it matter? Can’t hurt pushing logical arguments in an illogical world.
True true. But I’ve said this before (and if I’m not mistaken Solipsist and yourself have stated much to the same) and I’ll say it again. This housing market is so over the top, so out of wack with underlying fundamentals that I thing the burden of proof is on the Bull side. What is so different today vs. 2000? What has changed that would warrent a doubling of property values.
If you read Ben Jones’ site you see that every area that is currently crashing put forth the same tired arguements as the bulls put forth for Vancouver. Rich Asians, Solid Economy…blah blah blah.
Oh…and btw Anon 10:53…I think you dropped one of your pompoms over there in the corner.
December 1st, 2006 at 1:34 pm
December 1st, 2006 at 3:02 pm
“So when we have a potential to grow heven high some one is holding our legs like wrestler,what will happen as soon us will with draw from Iraq and Afghan their economy will climb the chart right away but till that time Vancouver will cross 2010(opportunity to grow)then this same no people will bite their nails while looking at us mkt. up BEWARE OF US do not loose golden chance.”
I got as far as “there’s an Afghani wrestler who will participate in the 2010 winter games who’s holding my legs and biting my fingers, so beware of him. Oh, and he’ll pay a lot for my house”
…but I’m not sure that’s correct.
Any hints? Anyone…anyone…?
December 1st, 2006 at 5:54 pm
I think it’s a test. He’s hiding instructions on how to escape the coming rapture. I think I have it mostly decoded.
I’ll see you in the Heaven(TM).
December 1st, 2006 at 9:44 pm
reductimat - you are such a brander! Do you do consultations?
I can be contacted at Riverview.
666-666-6666 (fax line)
December 1st, 2006 at 9:48 pm
My favourite thing about Oregon is the pronunciation Organ by the Organonians.
Though, Grant’s Pass is pretty cool driving in a blizzard too.
December 2nd, 2006 at 9:24 am
If you’re talking about the homeless, yeah sure. But there aren’t enough of them to skew the median income, even if they were included, which I doubt.
Why on earth would a lower-income working person want to move to Vancouver from elsewhere in Canada? At least they would have a crack at buying a house in Moose Jaw or Winnipeg. Is having rain instead of snow worth living in a basement suite all your life?
The magnet for working poor Canadians has long been, and continues to be, Alberta, for pretty obvious reasons.
December 2nd, 2006 at 12:07 pm
December 4th, 2006 at 8:20 am
No kidding! I waited in line for four days to get in on the latest Rennie conversion, but should have shown up a day earlier. By the time they came around to me they only had the Utility Closet left for $850,000.
I’m not going to make the same mistake again. I hear he is going to do magic beside the Annacis Island Wastewater Treatment Plant.
December 9th, 2006 at 7:52 am
“Why on earth would a lower-income working person want to move to Vancouver from elsewhere in Canada? At least they would have a crack at buying a house in Moose Jaw or Winnipeg. Is having rain instead of snow worth living in a basement suite all your life?
“
If you don’t need to work, there are much cheaper places to live than Vancouver. A few months ago an acquaintance purchased a house in Eyebrow, Saskatchewan (north-west of Moose Jaw) for $1300. No, that’s not a typo, he paid only thirteen hundred dollars Canadian at a tax sale. He’s in the process of fixing it up as his summer cottage.
Just over a year ago, I met a couple who were happy to have paid $30,000 for a small house in downtown Thompson, Manitoba. In addition to the low purchase price, they were happy that grocery prices are lower than in BC, the climate (much dryer than Vancouver) was better for their ailments, and their energy bills were subsidized by the Saskatchewan government.
March 29th, 2008 at 9:53 am
March 29th, 2008 at 10:26 am
Vancouver has great asian food, pho and sushi, and the seawall is a great place to walk if the weather is nice (might be in May).
Portland has excellent Mexican food and more variety of culture in terms of the art and music scene. Both cities are a similar size.
I love the oregon coast, it’s open with great crashing waves and much calmer / slower than either city, plan on about a one hour drive from Portland and its worth stopping by ‘camp 18′ for a meal along the way - It’s on the main highway about 18 miles from the coast I believe.
Either way enjoy your vacation!