{"id":10822,"date":"2018-11-12T11:11:11","date_gmt":"2018-11-12T19:11:11","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10822"},"modified":"2018-11-08T08:10:32","modified_gmt":"2018-11-08T16:10:32","slug":"burnaby-real-estate-offers-much-better-value-than-neighbouring-cities","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/burnaby-real-estate-offers-much-better-value-than-neighbouring-cities\/","title":{"rendered":"Burnaby Real Estate Offers Much Better Value in Terms of Cost Per Sqft"},"content":{"rendered":"<p style=\"text-align: justify;\">Survey of home costs per square foot reveals gaping bang-for-buck differences between Metro Vancouver areas.<\/p>\n<p style=\"text-align: justify;\">Looking for bang for your home-buying buck? Detached home prices in Burnaby are dwarfed by those in neighbouring cities in terms of cost per square foot, a new national survey reveals.<\/p>\n<p style=\"text-align: justify;\">Despite the recent market slowdown, condos in downtown Vancouver and detached houses on the West Side are the two most expensive markets in Canada when calculating the per-square-foot price of living space, according to the Century 21 Canada report released November 7.<\/p>\n<p style=\"text-align: justify;\">Stepping over the border into Burnaby offers much more living space for your money, with per-square-foot house prices averaging $599, up 1.91% from the same period in 2017. That ranks Burnaby just outside the nation\u2019s 10 priciest cities, with Montreal coming in 10th at $603.<\/p>\n<p style=\"text-align: justify;\">In the national top spot, the average price of a downtown Vancouver condo is pegged at $1,345 per square foot, which is a staggering 39% higher than one year previously.<\/p>\n<p style=\"text-align: justify;\">Since last year\u2019s survey, downtown Vancouver condos have overtaken West Side houses, which have slid nearly 5% year over year to $1,147 per square foot.<\/p>\n<p style=\"text-align: justify;\">Single-family homes across the whole of Vancouver averaged $845 per square foot in the first six months of 2018, down from $890 in the same period of 2017.<\/p>\n<p style=\"text-align: justify;\">At $898.50, West Vancouver\u2019s house prices were the fourth-priciest homes per square foot in Canada, beaten out \u2013 as they were last year \u2013 by downtown Toronto condos. The West Vancouver per-square-foot figure is a 10 per cent increase over the same period last year, despite absolute home prices dropping in that time.<\/p>\n<p style=\"text-align: justify;\">So why are West Vancouver\u2019s notoriously expensive houses so much less expensive than the West Side\u2019s, on a square-foot basis?<\/p>\n<p style=\"text-align: justify;\">\u201cIn West Vancouver, most of the homes are on considerably larger lots than the 33-foot lots that are typical for the West Side,\u201d Brian Rushton, executive vice-president of CENTURY 21 Canada, told Glacier Media in response to last year\u2019s survey, which saw similar results. \u201cThat means when you break the numbers down on a per-square-foot basis, it\u2019s the West Side that\u2019s more expensive.\u201d<\/p>\n<p style=\"text-align: justify;\">Per-square-foot house prices in North Vancouver were up nearly nine per cent to $681 per square foot, placing the city in eighth place. Richmond also increased by more than 10% year over year, to $677, ranking the city as the ninth most expensive in Canada. And in Delta, they were up 14.3% to $423.<\/p>\n<p style=\"text-align: justify;\">Century 21 acknowledged that because the survey compared price data in the first six months of 2018 with the same period in 2017, price declines since that time are not taken into account.<\/p>\n<p style=\"text-align: justify;\">Rushton said of this year\u2019s survey, \u201cIt is no surprise that Vancouver\u2019s downtown and West Side once again topped the list of Canada\u2019s most expensive properties per square foot, even with a small decline over the last year. Looking across BC, the price variation is remarkable. Going out just one or two suburbs cuts your price in half, while prices in more rural areas are closer to a quarter or less of those in Vancouver.\u201d<\/p>\n<p style=\"text-align: justify;\">Rushton added that the bigger bang for your buck is prompting home buyers to move to better-value areas. \u201cWe are hearing anecdotally from agents in the Fraser Valley and in communities like Victoria that they are seeing an increase in the number of Vancouver residents moving to take advantage of lower house pricing, which the surge in prices in Chilliwack and elsewhere would seem to support.\u201d<\/p>\n<p style=\"text-align: justify;\">Victoria\u2019s detached houses offer much better value than Vancouver, even with an 11 per cent annual increase taking them to $509 per square foot. In Fort St. John, the cost of a square foot of detached house dropped more than 27% to just $171. Prices in Vernon increased 10% year over year to $366 per square foot, added the report.<\/p>\n<p><a href=\"https:\/\/www.burnabynow.com\/real-estate\/burnaby-real-estate-offers-much-better-value-than-neighbouring-cities-survey-1.23490530?\" target=\"_blank\" rel=\"noopener\">Burnaby Real Estate Offers Much Better Value Than Neighbouring Cities<\/a> by Joannah Connolly | Glacier Media Real Estate | Burnaby Now<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Survey of home costs per square foot reveals gaping bang-for-buck differences between Metro Vancouver areas. Looking for bang for your home-buying buck? Detached home prices in Burnaby are dwarfed by &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/burnaby-real-estate-offers-much-better-value-than-neighbouring-cities\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-10822","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Burnaby Real Estate Offers Much Better Value in Terms of Cost Per Sqft &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.roryc.ca\/blog\/2018\/11\/burnaby-real-estate-offers-much-better-value-than-neighbouring-cities\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Burnaby Real Estate Offers Much Better Value in Terms of Cost Per Sqft &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Survey of home costs per square foot reveals gaping bang-for-buck differences between Metro Vancouver areas. 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