{"id":12565,"date":"2019-05-24T10:10:17","date_gmt":"2019-05-24T17:10:17","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12565"},"modified":"2019-05-10T10:34:49","modified_gmt":"2019-05-10T17:34:49","slug":"trying-to-put-a-positive-spin-on-vancouvers-luxury-property-prices","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/05\/trying-to-put-a-positive-spin-on-vancouvers-luxury-property-prices\/","title":{"rendered":"Trying to Put A Positive Spin on Vancouver&#8217;s Luxury Property Prices?"},"content":{"rendered":"<p style=\"text-align: justify;\">Trying to put a positive spin on Vancouver\u2019s luxury property prices\u2014where a two-bedroom, 1,831 square foot condo costs $2,660,000\u2014is a tall order.<\/p>\n<p style=\"text-align: justify;\">Sure, in Monaco, a three-bedroom apartment in the District de Fontvieille will go for $14,897,938, and in Hong Kong a three-bedroom apartment on Kennedy Rd. goes for $13,635,200\u2014making that downtown condo in Vancouver look like a bargain.<\/p>\n<p style=\"text-align: justify;\">However, the population of Vancouver proper in 2017 was 675,218, and presuming it has hitherto increased, it will likely only be a marginal boost. Monaco\u2019s population is considerably less, but it\u2019s a known playground for the wealthy. In 2017, Hong Kong estimated its population was 7.392 million, so how does a two-bedroom unit go for over $2 million in Vancouver?<\/p>\n<p style=\"text-align: justify;\">\u201c[Comparing Vancouver to global markets] is totally incongruent,\u201d said Robert Mogensen, a broker with The Mortgage Advantage. \u201cVancouver is a branch office city, not a head office city, for one thing. It\u2019s not a central banking city like those other world cities, so to compare it is ridiculous. Is it a pleasant place to live? Yes. Is it great for proximity to the mountains for skiing, or for going golfing? Yes. But it\u2019s still a branch office city.\u201d<\/p>\n<p style=\"text-align: justify;\">Point2 Homes recently made the comparison, and while it does have merit\u2014Vancouver is a global real estate staple and prices are a relative bargain compared to those found in London, New York and Paris\u2014it begs the question: Why are prices so expensive in a city with fewer than one million residents?<\/p>\n<p style=\"text-align: justify;\">\u201cVancouver is very attractive because you can dump your money here and you pay a modest amount of property tax, and because you don\u2019t work here you don\u2019t pay our high income taxes. It\u2019s perfect for someone looking to shelter their money in a safe place,\u201d said Mogensen.<\/p>\n<p style=\"text-align: justify;\">\u201cThere\u2019s no reason for a city like Vancouver with a general population and income base here\u2014I mean real Canadian income base\u2014to have prices where they are. The average Canadian worker can\u2019t afford to buy accommodations in Vancouver, and even well-heeled couples with two professional jobs are being forced to look at condos or, at best, townhomes because single-family homes are so far out of reach. There\u2019s something wrong with this picture.\u201d<\/p>\n<p style=\"text-align: justify;\">To elucidate his point, Mogensen noted that a client of his is a doctor and, along with his wife, should be living in a Shaughnessy single-family home in West Vancouver, but instead lives in an eastside townhouse.<\/p>\n<p style=\"text-align: justify;\">\u201cIf you have surgeons who can\u2019t afford to live in the most desirable parts of a city, there\u2019s something wrong with that.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/vancouvers-luxury-market-theres-something-wrong-with-this-picture-257236.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Vancouver&#8217;s Luxury Market : &#8220;There&#8217;s Something Wrong with This Picture&#8221;<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trying to put a positive spin on Vancouver\u2019s luxury property prices\u2014where a two-bedroom, 1,831 square foot condo costs $2,660,000\u2014is a tall order. Sure, in Monaco, a three-bedroom apartment in the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/trying-to-put-a-positive-spin-on-vancouvers-luxury-property-prices\/\">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":[8],"tags":[],"class_list":["post-12565","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Trying to Put A Positive Spin on Vancouver&#039;s Luxury Property Prices? &#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=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/trying-to-put-a-positive-spin-on-vancouvers-luxury-property-prices\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Trying to Put A Positive Spin on Vancouver&#039;s Luxury Property Prices? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Trying to put a positive spin on Vancouver\u2019s luxury property prices\u2014where a two-bedroom, 1,831 square foot condo costs $2,660,000\u2014is a tall order. 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