New maps released by a demographer and urban planner with Bing Thom Architects are vividly illustrating some truths about Vancouver home values.
Andy Yan, who along with being a demographer is also the acting director of the City Program at Simon Fraser University, compiled several maps that show the end of the $1 million line for single family homes in Vancouver. Yan has produced this type of map annually for several years with each one showing the gradual increase of assessed value for single-family homes in Vancouver.
But Yan has also come up with a price tag for a rather unusual listing: what would it take to buy the City of Vancouver and all of its amenities?
Here’s a snapshot of Yan’s breakdown:
Homes in Vancouver
- 264,570 dwellings
- $1.2-$2.8 million for average detached dwelling
- $360,900-$586,100 for an average apartment
- $1,233 per month is the average market rental
- $9,000 is the average annual household transportation costs
- $4,667 per month is the average cost of services for a homeless person
Other financial information to sweeten the pot:
Income, renters and homelessness in Vancouver
- 0.6% vacancy rate
- 46% of renters who spend 30% or more of their total household income on shelter
- $56,113 is the median household income
- 28% earn less than $30,000
- 24% earn more than $100,000
- 1,746 people are homeless
Considering the above information and the number of accoutrements in Vancouver from restaurants, parks, coffee shops to tattoo parlours, bicycle shops and piano tuners, you’re looking at a cool $327 billion to buy the city.
PHOTO: Here’s the complete picture of Yan’s listing for the City of Vancouver
Yan joined BC1 anchor Geoff Hastings to talk about his analysis and the larger implications on the City of Vancouver.
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