The HK$12m garage and other properties that prove Vancouver realty has lost the plot
It is in that spirit that the Hongcouver blog presents this list of five properties that suggest Vancouver’s property market may have lost the plot. For the sake of comparison, I include links to what the same money would buy in the Toronto region.
5516 Marine Drive, University, Vancouver West, $12.8 million
It’s near the University of British Columbia, and in keeping with that theme is the 1970s-style kitchen which would not be out of place in shabby student digs. It’s not clear whether the C$12.8 million price tag includes the old toaster oven and wire dish-rack.
You could probably haggle this stucco beauty down to the average price for a detached home in greater Vancouver (C$1,259,775). For that, you get a rather less-than-average-looking home: Mismatched curtains, algae-stained steps and a front yard covered in dandelions. Alternatively, you could rip it down and start again, which is precisely what the realtor suggests.
The average home price in Canada is C$389,119 (as of December 2013). Which is fine in Vancouver, if you are prepared to fit your average household into a one-bedroom apartment, such as this offering in the city’s downtown core. The view is nice, but is it nice enough to distract you from the fact you are living in a 534 sq foot apartment (similar to the Hong Kong average of 484 sq ft) in a country where the average new home size is 1,948 sq ft?
4344 Rockridge Road, Rockridge, West Vancouver, $8.888 million
This West Vancouver renovation is a long way from the city, but it actually offers pretty good value by Vancouver standards. It has sweeping views, 8,460 sq ft of floor space and extensive outdoor living areas. It earns its place in this list by virtue of its very specific price point. A quick scroll through Vancouver property websites reveals plenty of other such listings, including no fewer than 10 homes priced at C$888,000 in the satellite city of Richmond. You don’t need to be a numerologist to conclude that all those eights add up to a Chinese-driven market.
Crack shacks, mansions, and everything in between - Vancouver’s property market has something for everyone. Everyone with deep enough pockets, that is.
[*Update: This story has been updated to include a link to the latest Demographia study and to describe its scope]
The Hongcouver blog is devoted to the hybrid culture of its namesake cities: Hong Kong and Vancouver. All story ideas and comments are welcome. Connect with me by email [email protected] or on Twitter, @ianjamesyoung70.