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Saturday, November 12, 2011

Vancouver's SFH price now 3 times greater than that of New York City's


I was perusing the discussion forum over on the blog Vancouver Condo Info and vanpro has posted a link to an interesting Reuters story on home prices in the United States.

Titled 'Home prices decline in NYC area, rise in Boston', it seems home values are continuing their decline in much of the United States.  In the third quarter, values fell in almost three-fourths of all U.S. cities as Americans become more pessimistic about real estate values.

Perhaps the most interesting statistic is the fact that the median price of a single-family home in the New York metropolitan area has fallen another 3.6% and currently sits at $389,600.

As vanpro notes, metropolitan New York has a population 6 TIMES larger than the entire Greater Vancouver region, which sits on way less land than we have here.

Factor in the fact New York is still one of the great financial centres of the world with incomes and wealth way beyond that of Vancouverites and you have a situation where a Vancouver SFH sells for 3 times that of the New York SFH, which is nothing short of astonishing.

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2 comments:

  1. That's NYC metropolitan area. The median metro Vancouver home is only double New York, I mean triple or quadruple would be fantastic!

    ReplyDelete
  2. INFOGRAPHIC: Why Living In New York City Is INSANELY Expensive


    http://www.businessinsider.com/yes-nyc-apartments-are-as-crazy-expensive-as-you-think-they-are-2011-11

    ReplyDelete