Real estate firm Century 21 has crunched the numbers provided by its pool of realtors to list down the most expensive neighbourhood in Canada.
With a price-per-square foot of $1,201, Vancouver’s west side has topped the list, followed by downtown Vancouver at $863 per-square-foot and downtown Toronto at $819 per-square-foot.
“West Vancouver and the west side, those are extreme ends of the survey and there’s not really new information here,” Brian Rushton, executive vice-president of Century 21 Canada told the Vancouver Sun. Rushton was alluding to the fact that the west side has a long-standing reputation as being both pricey and upscale.
Breaking down square-foot-values would give potential buyers a little more information to analyze.
“If [a consumer] is able to look at East Vancouver and say, ‘We know the benchmark is $718 per square foot, what sort of property can we get into? Can you afford 1,200 square feet, or 900 square feet? It makes a difference, and can be helpful for first-time buyers.”
Century 21’s 2017 study is a companion piece to similar studies released in 2006 and 1997. Collectively, they provide a snapshot of price growth over time in many locations.
Vancouver’s west side saw the steepest price appreciation at 400% over the 20-year period, followed by North Vancouver at 367% and West Vancouver at 355%.