Condominiums throughout Greater Vancouver are some of the most sought after assets in the world. With over 1,000 condos sold almost every month, the price measurement to compare one condo to the next that is often spoken of is “dollar per square foot”.
This is a very simple yet highly effective calculation to gain an understanding of what a given region, development site, or specific building is selling for. It is important to note here that comparing dollar per square foot values is much more applicable amongst condos and is not as relevant for detached housing, simply due to the easier comparability of one condo to the next. While dollar per square foot value is a reliable metric to present a broad overview, prices can fluctuate substantially when examining older vs. newer buildings, wood vs. concrete construction, and other significant differences between homes.
Enough of the pre-amble already…show us the numbers
Let’s take a look at the average price per square foot across the various cities in Greater Vancouver as recently as August 2018:
Greater Vancouver Price Per Square Foot
Across the board, condos throughout Greater Vancouver have seen double digit percentage growths in value each year for the last three. This chart is a useful reference tool when shopping in a particular region to compare what you are purchasing relative to the area you are buying in.
Diving into the Lower Mainland further, let’s compare the performance between Greater Vancouver and the Fraser Valley:
Greater Vancouver vs. Fraser Valley Price Per Square Foot
There is no question that over the course of history, Greater Vancouver has been a far more certain bet in terms of property price appreciation. However, during the most recent condo boom in the Lower Mainland, prices in the Fraser Valley have grown over 60% while Greater Vancouver has seen just over 35% growth in that same timespan.
All in all, what does this really amount to? Simply put, buy a condo. Over the longterm, real estate in the Lower Mainland has time-tested proof of being one of the best assets in the world.
If you’re looking to expand your housing portfolio, or are just dipping your feet into the Greater Vancouver condo market, feel free to get in touch at firstname.lastname@example.org.
Thank you for reading,