Last week, Lisa Prevost of The New York Times took a look at purchasing a four-bedroom house on the “bluffs” of Vancouver; in reality, the house is 32 kilometres north of Vancouver in Lions Bay. The price is CAD $2.7 million, in our local market which has increased by 40 per cent in the last decade.
The property is less than a mile from the Lions Bay Marina and Lions Bay Beach Park, “the most idyllic little beach. With a population of roughly 1,350, the village has just a few shops for necessities, he said; more shopping and dining can be found about 15 minutes south, in West Vancouver.
Phil Moore, president of the Real Estate Board of Greater Vancouver, calls Vancouver “the California of Canada”, pointing out that 40,000 people coming into the metropolitan area annually, presumably undeterred by the prices.
The Times article states that the benchmark sale price for a detached house is $1.6 million in Vancouver, and that in the more exclusive West Vancouver, “that buys you nothing. That’s an area that’s $3 million and above.”Read more »