Vancouver Is Ranked The Worst Place To Buy A Home In Canada

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vancouvver skyline home buy

Although it may not be surprising to learn that Vancouver has been ranked as expensive once again, it’s important for homebuyers to know their options.

Even amid a pandemic, people have needed to consider home buying. So MoneySense, in partnership with Zoocasa, has released the 2021 edition of “Where to Buy Real Estate in Canada”. This report shows which markets offer the best price point, value growth, and overall livability.

Unfortunately, Vancouver ranks at the bottom at #42 on the list.

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The Report

Zoocasa ranked neighbourhoods and municipalities across 17 regions in Canada. They considered average home prices, price growth over time, as well as neighbourhood characteristics and economics.

It shows that the concept of homebuying has changed since the pandemic. Many people now need their home to serve as the workplace, school, gym, and more. Overall people are looking for a greater need for space. This has drawn buyers out of the busy city centres and more into the suburban areas.

As a result, we have seen bidding wars and supply challenges in areas outside of Vancouver.

Lauren Haw, CEO and Broker of Record at Zoocasa Realty, says, “More buyers are looking to upsize their homes and are looking to markets where it’s most affordable to do so.”

The Best and The Worst

According to the report, the best value in 2021 falls to:
1. Bancroft, ON: 4.5 Stars (average 2020 home price: $292,733, 3-year growth: 78%)

The worst value in 2021 is in:
42. City of Vancouver: 1 Star (average 2020 home price: $1,056,897, 3-year growth: 3%)

Here is the comparison across a few other Major Canadian Cities.  You can see the full report here.

vancouver housing

Photo: MoneySense

Perhaps one year Vancouver will move back up in the rankings but for now there is tough competition in Canada.

 

For more local updates across Metro Vancouver, check out our News section.

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