Canada’s two largest cities are Vancouver and Toronto, and the two cities coincidentally observe a similar trend in both property prices and the influx of new residents. For people planning to move to any of the cities, a basic breakdown of prices and current trends is not only helpful but necessary.
Vancouver is a city where even the very wealthy are amazed at the cost of living. While Bay City has great mountain views, breathtaking crystal clear waters and is ideal for outdoor enthusiasts and city dwellers alike, the property price makes it nearly impossible for an average middle-class family to live within the city limits. In fact, the average cost of a 2-bedroom mansion in Vancouver currently averages $ 929,000 or more. This means that it costs almost $ 1 million to simply live in a traditional home within the city limits. However, the skyrocketing real estate values make Vancouver a unique city that can offer serious investment opportunities for those with the funds to buy real estate. Experts predict that 2014 will lead to a “flattening” in property prices, which may mean that now is not the best time to buy.
Toronto contrasts with Vancouver for its seemingly lower prices and job opportunities. Compared to Vancouver, the average price for a detached home in Toronto is $ 686,688. That’s a difference of almost $ 250,000! Buyers who compare home prices will immediately stop and start packing their bags in Toronto. But not so fast. Why is there a sharp difference in the cost of living in these two cities?
Vancouver has recently become a popular city for its government hospitality allowing foreign investors to enter the market. In turn, real estate companies are serving their newly acquired super-rich market and the middle class is under pressure. This led to a sharp increase in home prices in the city and led to the fact that many “average” families were forced to leave their homes. On the other hand, Toronto is noticeably cheaper and offers many benefits. However, the one thing Toronto lacks is natural beauty. Vancouver ranks first in this area.
With the average home price in Vancouver rising 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 can offer you some serious returns (if you sell quickly). Toronto has its advantages, but at the end of the day, Vancouver will always be the city that the rich and healthy call home.#Property #Toronto #Values #Vancouver