Vancouver Vs. Toronto: Cost of Real Estate

Two of Canada’s largest cities are Vancouver and Toronto, and these two cities are experiencing a similar trend in both property prices and influx of new residents. For people contemplating moving to either city, a basic breakdown of current prices and trends is not only helpful, but imperative.

vancouver

Vancouver is a city where even the extremely wealthy start at the cost of living. Although Bay City has beautiful mountain views, stunning crystal clear waters, and is perfect for outdoor enthusiasts and city dwellers alike, the price of real estate makes it nearly impossible for the average middle-class family to live. in the city limits. In fact, the median cost of a 2-bedroom single-family home in Vancouver currently averages $929,000 or more. That means it costs almost $1 million to live in a traditional home within the city limits. However, the sharp increase in the cost of real estate makes Vancouver a unique city that could offer serious investment opportunities for those with the liquidity to buy property. Experts predict that 2014 will result in a “leveling off” of real estate prices, which could mean that right now is not the best time to buy.

toronto

Toronto contrasts with Vancouver with its seemingly cheaper prices and job opportunities. Compared to Vancouver, the median price for a single-family home in Toronto is $686,688. That’s almost a $250,000 difference! Buyers who shop around based simply on the cost of homes would stop there and start packing their bags for Toronto. But not so fast. Why is there a stark difference in the cost of living in these two cities?

the price difference

Vancouver has recently become a sought after city due to the welcoming arms of the government that allow foreign investors to enter the market. In turn, real estate companies cater to their ultra-rich new found market and the middle class is squeezed. This has led to a dramatic increase in house prices in the city and has resulted in many ‘average’ families being forced to leave. Toronto, on the other hand, is noticeably cheaper and offers many benefits. However, the one thing Toronto lacks is natural beauty. Vancouver takes the cake in this department.

With the average home price in Vancouver increasing every year, it’s hard to find a reason to settle in the city, although if you’re looking for a potential investment, the city could offer you a significant return (if you sell quickly). Toronto has its advantages, but in the end, Vancouver will always be the city that the rich and healthy call home.