We’ve played this game before.
When you compare what you get in Vancouver for your housing dollar vs. some other locations you get some interesting comparisons.
The CBC has an article looking at the cheapest houses in Vancouver and how they compare to some US locations.
A new CMHC report says Canadian home prices are moderately overvalued in some cities, but Vancouver is labelled as low risk by the Crown corporation in its latest housing market assessment.
One measure used by economists is the amount of income earned by the average family compared to house prices. By those standards, prices in Vancouver are some of the most expensive in the world.
See their gallery here.
Remember when a million dollars was real money?
It’s always fun to compare what your Vancouver home dollars will get you in less fortunate countries.
A commenter by the name of mortgage posted this delightful contrast.
Here’s what $2.5 million will get you on a major street in the Cambie corridor, walking distance from the world famous ‘Oakridge Center Mall’. This 1948 beauty is located near the vibrant heart of Vancouver, where the sun always shines:
Somewhat south of there is a place called Beverly Hills California. If you take your $2.5 million down there you’ll find something like Dudley Moores old digs:
..but you wouldn’t be walking distance to Oakridge Mall. They have a Zellers.
If you’re wondering why we haven’t heard as much about wealthy chinese buyers lately as prices drift down in Vancouver, maybe it’s because they’re moving to the USA.
“California has always been popular with Asian buyers,” he told beyondbrics. “But whereas before it was mainly buyers from Taiwan, Hong Kong and Japan, now we are seeing more mainland buyers visiting.”
Reasons for purchases vary, say those who have dealt with overseas Chinese buyers. Some are buying because they want to emigrate or they have children who will go to school in the US. More and more Chinese millionaires are looking to settle in the US or at least secure residency rights.
And why would they be buying in the US as opposed to Canada?
Others buy because the numbers add up: the renminbi is relatively strong against the US dollar and property prices are cheap compared to Australia or Canada.
But it’s not supposed to work like that! Wealthy people aren’t supposed to look for good deals..