The cost of a luxury home in Vancouver
Posted May 16, 2012 12:12 pm.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – A luxury housing report suggests sales are surging in most major markets, except for a 31 per cent decline in Vancouver.
What constitutes “luxury” in this area, and how much you could save if you lived elsewhere?
Luxury is $2 million in West Vancouver and places like Shaughnessy. But it doesn’t get you much, according to Keith Finney with REMAX.
“For that you would get a three-bedroom bungalow. Nice location, quiet. Standard home, not a luxury home, no view. That is the story here; the luxury market doesn’t start until about $3 million,” he explains.
Want actual luxury?
“[The] starting range would be in $7 million to $8 million. It would go up as high as you like, really. The highest sales I’ve seen in the last few years is $30 million,” he asserts.
While 500,000 barely gets you a condo here, that is a luxury price point in St John’s, Regina, Saskatoon and Winnipeg. In Edmonton and Hamilton, you can get the same for $750,000.
“[That would] probably get a very nice 3,000 to 4,000 square foot house,” notes Finney, adding in most other markets, luxury starts at about $1 million.