Quote:
Originally Posted by ssiguy
Vancouver 's housing is bizarre and exceptionally unhealthy. Vancouver couldbn't have done a worse job on the housing front if it tries.Vancouver is so grossly overvalued that people now think it's almost normal. Vancouverites like to say that "Toronto is expensive too" yet comparing Toronto and Vancouver's prices is laughable.
Let's put this into perspective. Currently in the City of Toronto which basically means SFH prior to 1980 {think Zone 1 & 2 on the Translink pass} there are over 800 SFH for sale under $1,000,000. In Van/Rich/NV/WV/Burn/NW, you would be VERY lucky to find a single SFH under 1.4. SFH are more expensive in God-forsaken Langley than they are in inner city Toronto {ie City of Vancouver}. SFH prices in Greater Vancouver would have to drop up to 40% just to come "down" to Toronto levels.
The stats that the REBGV like to use is that Vancouver is only about 20% more expensive than Toronto but that is exceedingly deceptive because it includes ALL types of housing and Vancouverites are far more likely to live in condos than Torontonians which greatly warps the numbers. This made even worse by the fact that SFHs in Toronto are uniformly larger than Vancouver because there is no such thing in Toronto {or anywhere in Ontario for that matter} as a house without a basement. I had never even heard of a crawl space until I moved to Vancouver.
When it comes to housing, Vancouver is truly in a league of it's own in the worse possible way.
|
I'd say 20% is about right for the like-for-like difference in detached house prices between Toronto and Vancouver. Which reflects that Vancouver is a nicer place, with nicer weather and a more constrained land availability. If anything, the steady rate of interprovincial migration from Ontario to B.C. suggests that Ontario is doing worse than BC with respect to affordability, taking everything into consideration. Obviously, both BC and Ontario are doing much worse than Alberta, although to be fair, the cities in Alberta have yet to run into the sort of land/space constraints that apply to Toronto and Vancouver.
Threaded Mode