Executives willing to pay almost as much as in London
Paul Luke
Province
Vancouver’s high-flying real-estate market has the world’s third-highest prices for executive homes, a survey released yesterday says.
A typical home for executives working in downtown Vancouver costs $1.6 million, following $5.7 million for a home in London, England, and $2.5 million in New York, the Century 21 Canada survey said.
“Our survey reflects that Vancouver and Calgary are booming, whether you compare them to cities in the rest of Canada or to cities around the world,” Century 21 Canada president Don Lawby said.
In Vancouver, a typical choice for an executive would be a 2,700-square-foot home in Ambleside in West Vancouver, the survey found.
The Ambleside executive has a 30-minute commute to downtown Vancouver — similar to a London exec’s 30-minute commute from Notting Hill and 45 minutes for a New Yorker to get to Wall Street from Roslyn Heights, Long Island.
In Calgary, the seventh costliest city, a typical choice for executives would be a 1,500-square-foot home in Roxboro priced at $1.2 million.
Vancouver moves down the price list to seventh place and Calgary rises to fourth when judged by cost per square foot.
London remains costliest at $3,156 per square foot. Calgary is $800 per square foot and Vancouver is $574.
Michael La Prairie, owner of Century 21 In Town Realty, said high prices are to be expected in Vancouver, a market that draws business people from across North America and the Pacific Rim.
“We’re no longer the best-kept secret out there,” La Prairie said. “More executives are moving here.”
The survey looked at 15 cities in Canada and 16 around the world.
© The Vancouver Province 2007