The Canadian real estate boom has seen prices rise throughout the country, and Vancouver has become the hottest market. Century 21 Real Estate completed a survey of worldwide real estate earlier this year, and determined that downtown Vancouver is the most expensive market in Canada for housing.
The average sales price for a condominium in Vancouver was just over $419,000 in Canadian Dollars, up 14.6% from last year. Housing prices have risen across the country; Toronto, the largest city in Canada has seen prices go up 15.7% from a year ago to $241,818 CD.
Vancouver is seeing the highest prices in part because it is a very multicultural city, according to a recent article in the New York Times. The city is very attractive and yet has a cosmopolitan feel. It is on the water and has mountains rising up in the distance, and the economy, anchored in forest products and mining, is strong. It is also serving as the host of the 2010 Winter Olympics, bringing even more attention and investment.
Currently, there are about 50 condo towers under construction in Vancouver, with most of them over 75% sold. While some of the growth is being driven by high end properties, with investors from abroad pitching in, with the US dollar at record lows vs. the Canadian dollar, the city hasn’t seen an overwhelming amount of investment from across the border. As a result, many analysts believe the housing boom will continue for while.
The highest priced condo in the city is an 7,000 foot waterfront penthouse that is listed for $18.2 million. Despite its price, its nowhere near as expensive as comparable properties in New York or London.
The Canadian province of Newfoundland has seen property values rise to record levels recently, but the home costs are still well below the national average. This east coast province, officially named Newfoundland and Labrador has some of the most spectacular coastline anywhere and is an outdoor lover’s dream.
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