National average home price won’t even buy a one-bedroom apartment in Vancouver: Point2 Homes

Vancouver real estate market ‘redefines scarcity’ when it comes to space, according to a new study

The national average home price of $500,000 is only enough to buy the amount of floor space found in one single bedroom in a home - but not an entire one-bedroom residence - in Vancouver | Shutterstock

It is well known that Vancouver real estate prices are considerably higher than those in other cities across Canada, but just how out of range are they?

A new Point2 Homes study that measures “how much house” you can get for the national average home price of around $500,000 found that across the country, a buyer can purchase a home with an average of 3.3 bedrooms.

In Vancouver, however, $500,000 will buy you one bedroom – and the study highlighted the fact that it won’t buy you a one-bedroom apartment; half a million dollars in this city will only buy, on average, the amount of floor space found in one single bedroom in a home.

“As expected, Vancouver redefines scarcity in terms of space, offering only one bedroom for that amount of money,” Point2 Homes said in a press release.

“That being said, $500,000 will most likely buy a single room in a home rather than an entire one-bedroom residence.”

The study found only 1% of all listings in Vancouver are close to the national average price.

The cities with the second, third and fourth smallest bangs for your buck were found in other cities across the Lower Mainland. In Burnaby, half a million dollars will get you, on average, 1.6 bedrooms, followed by Richmond (1.6) and Coquitlam (1.7).

Toronto is in seventh place with 2.1 bedrooms.

Point2 Homes

Credit: Point2 Homes

Anyone in the Vancouver region looking to buy a home with at least two bedrooms would have to turn to Surrey, where $500,000 will buy 2.1 bedrooms, on average, or Langley (2.3).

Windsor, Ontario, is on the opposite end of the scale; in that city, half a million dollars will buy, on average, a home with 4.3 bedrooms.

ecrawford@biv.com

@EmmaHampelBIV