First-time buyers face tough time in Vancouver
The Vancouver housing market is one of the most expensive in the world for a first-time buyer who is working in the downtown core, a new survey says.
The survey, done by Century 21, is based on the anecdotal reports of local brokers asked what the "typical" first-time buyer is looking for.
In Vancouver, they reported a studio condo in Yaletown, five minutes from the city's core, runs about $577 a square foot, making it the fourth most expensive city in the survey of 31 centres.
At the top of the list is Paris, where an apartment in Étienne Marcel costs $1,051 a square foot.
Moscow took second place, followed by Seoul, Korea. Calgary took sixth place and Edmonton finished tenth.
The survey found some of the most affordable cities were in Canada, including St. John's, Quebec City and Halifax.
Going downtown
Vancouver leads Canadian cities in price-per-square-foot living space.
| City | Country | Home type | Price ($Cdn.)* | Commute downtown (minutes) | $ per square foot |
| Paris | France | Apartment | $271,136 | 5 | $1,051 |
| Moscow | Russia | Apartment | $222,165 | 30 | $688 |
| Seoul | Korea | Apartment | $560,357 | 60 | $630 |
| Vancouver | Canada | Condo | $274,000 | 5 | $577 |
| London | England | Townhouse | $457,862 | 17 | $532 |
| Calgary | Canada | Apartment | $250,000 | 20 | $500 |
| Athens | Greece | Apartment | $323,087 | 45 | $375 |
| New York | USA | House | $525,397 | 45 | $375 |
| Tokyo | Japan | House | $349,408 | 50 | $325 |
| Edmonton | Canada | House | $350,000 | 20 | $322 |
| Nicosia | Republic of Cyprus | Apartment | $422,015 | 10 | $302 |
| Victoria | Canada | Condo | $235,000 | 10 | $294 |
| Montreal | Canada | Condo | $215,000 | 10 | $276 |
| Taipei | Taiwan | Condo | $140,965 | 45 | $218 |
| Ottawa | Canada | Apartment | $189,900 | 10 | $211 |
| Toronto | Canada | Townhouse | $230,000 | 60 | $209 |
| Saskatoon | Canada | House | $189,900 | 10 | $193 |
| Singapore | Singapore | Apartment | $136,843 | 45 | $192 |
| Winnipeg | Canada | House | $180,000 | 15 | $150 |
| London | Canada | Townhouse | $125,000 | 10 | $132 |
| Moncton | Canada | Bungalow | $139,900 | 10 | $127 |
*Prices are in Cdn. dollars based on a 1 $Cdn. = 0.8522 U.S. dollar exchange rate.
SOURCE: CENTURY 21 CANADA
