There’s an interest post over at Realestatetalks.com remarking on the fact that Property prices in Vancouver appear to be on par with L.A. even though rents and incomes here are lower. The poster gives a few examples and is interested to hear what investors think about this situation.
$250,000 buys a bachelor condo suite in downtown Vancouver, and it buys a bachelor suit in West Hollywood.
$300-$350,000 buys a 1 bedroom condo suite in West Hollywood, Wilshire, Santa Monica, which is what you will pay for the same condo in downtown Vancouver.
$2 million buys an ocean front Malibu half-duplex beach property (entry level price). In Vancouver, the same shared ocean front half duplex on Pt. Grey Road cannot be had for $2 million. Recent sales I’ve seen there are in the $3-4 million range, which makes Pt. Grey more expensive than Malibu Beach comparables. And in Malibu you get Brad Pitt and Jenefir Anniston as your neighbours!
Entry level single family home (old timer) in Larchmont-Adjacent neighbourhood of Hollywood costs $800,000. The same cost of an entry level home on the West side of Vancouver/Dunbar area.
All comparables that I could see suggest LA prime real estate matches very closely with Vancouver prices across the board. Some of the higher end properties in LA are less than what you’d pay in Vancouver.
Hopefully they will get some informed responses to this, I was quite suprised to hear that Vancouver prices are close to L.A. prices. Is that true?