Record-breaking sales numbers. Bidding wars. A growing number of buyers from China. As a lifelong Vancouverite who left for Montreal two years ago, it all leaves me with a feeling of déjà vu.
In Vancouver, the boom began with bidding wars in tony neighbourhoods with million-dollar mansions, but the impact eventually rippled throughout the metropolitan area.
Today you are lucky to find a million-dollar teardown in Vancouver.
Between 2005 and 2017 in Vancouver, house prices increased more than 173 per cent. In Montreal today, the median price of a detached home on the island is just under half a million dollars. In Vancouver, it’s almost $3 million. Yet the median family income is similar in both cities. In Vancouver, it’s just under $80,000, compared with $77,000 here in Montreal.
But Montreal is not Vancouver, or Toronto, for that matter. Most analysts I spoke to say they don’t believe house prices will climb quite as high here. We are not locked on a finite piece of land like Vancouver is. We don’t have as many high-paying corporate jobs as Toronto does.