Even the rich can’t afford Vancouver homes

July 16, 2013 | Last updated on July 16, 2013
1 min read

Vancouver’s housing market is the most expensive in Canada. And even though home prices dropped slightly in the second quarter of 2013, the average price of a property still remains above the $1-million mark.

In fact, Royal LePage finds the price of a detached bungalow dropped 3.2% to $1,052,500, and standard two-storey homes decreased 2.3% to $1,151,250.

And despite recent year-over-year price decreases, average Vancouver home prices are forecast to increase by 2% at the end of 2013, adds Royal LePage.

So what does $1 million get you in this city? How about this rundown heritage home just west of Main Street in Vancouver, reports thethirtiesgrind.com. It’s obviously in need of some major renovations.

For buyers with looser pockets, there’s also this $2.5 million home. While celebrity couples have spent the same amount on homes that come equipped with pools, spas, and even a 7,500-foot runway for aircrafts (see John Travolta’s house), it seems $2.5 million won’t get you that far in Vancouver.

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