Vancouver is expensive, but if you can you should buy here.
That is what a study conducted by CIA LandLord is saying. The UK based insurance company conducted an analysis and named Vancouver, to much surprise, as the best city in the world to buy property in at a young age.
Vancouver topped a list of 20 cities, beating out Wellington, Helsinki, Toronto, Budapest, and Madrid amongst others.
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What The Research Says
CIA Landlord analyzed 46 cities across the world to see where is the best location for young adults to buy property. They considered the following factors: the cost of buying a property, job availability, average salary and happiness ratings.
The research pointed out that:
- the average monthly cost of renting an apartment in downtown Vancouver is $1,725.33
- the price to buy a 2 bedroom apartment is $312,076
- the average cost of basic utilities per month was $71.51
- the average monthly salary was found to be $3,852, with 77.2 jobs per capita
All of the above gave Vancouver a score of 7.01.
As such, it put Vancouver at the forefront for young adults to consider buying a property here, if doable.
CIA Landlord stated that, “this score was a result of Vancouver having higher than average salaries, lower utility costs and lower prices of leisure activities such as gym memberships.”
Toronto, was the only other Canadian city in the top 10 rankings. With two cities in the top 10, CIA Landlord says, “Canada is one of the best countries to buy a property as a young adult.”
It makes you wonder if we should continue to complain about rising home prices?
For more updates in Metro Vancouver, check out our Real Estate section.
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