Vancouverites pay more for luxury homes than other Canadians but get less space, a new real estate report shows.
A luxury home in Vancouver starts at $2.8 million for 3,500 square feet, according to Sotheby’s Top Tier Trends report, which analyzes the entry price for a single-family luxury home in cities across Canada.
The report found that living in luxury in Calgary and Toronto starts at $2 million for the same size.
In Toronto North, minimum square footage goes up to 8,000 square feet.
Montreal is the only city with a higher starting price for luxury homes, but at $3.5 million for 5,000 square feet, they're bigger than in Vancouver.
“Prices in Vancouver are as high basically as in Manhattan and San Francisco, but incomes are half,” said finance real estate expert Audrey Pavlov.
Aside from being more expensive for less square footage, it takes Vancouverites longer to afford luxury, with buyers typically being between 40 to 50 years old and making $200 to $500 thousand.
Buyers in Calgary can afford luxury earlier, with average buyers being 35-40 and making half a million dollars per year, according to the report.
Foreign buyers accounted for 40 per cent of luxury home buyers in Vancuover, while in Calgary and Toronto, foreign investment accounts for 15 per cent and 25 per cent, respectively. Montreal came in highest in foreign investment at 49 per cent.
But the report does show some commonality in buyers, including career choice. In all markets, the study found buyers tend to be in finance, business, medical or legal fields.
They also tend to pay in cash, have an overall investment strategy and own multiple properties across Canada.
With a report from CTV British Columbia's Norma Reid
