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Real Estate in Vancouver, Canada | Digital Nomad Exchange
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Real Estate in Vancouver, Canada

Universal Tax Professionals
Universal Tax Professionals
Universal Tax Professionals
Universal Tax Professionals

By Betsy Burlingame

Last updated on Nov 13, 2024

Summary: The average cost of a nice 2 bedroom home in Vancouver, Canada is around $1,000,000 CAD. The average cost of a nice 3 bedroom home in Vancouver is around $1,500,000 CAD. These properties typically include modern amenities such as stainless steel appliances, hardwood floors, and updated bathrooms. Some may also include a balcony or outdoor space. There are no restrictions on foreign ownership for properties in Vancouver. However, foreign buyers are subject to a 15% property transfer tax. An expat looking to buy a home in Vancouver should begin by researching the different neighborhoods and researching the local real estate market. They should also consider their budget and what type of amenities they are looking for in a home. The most desirable neighborhoods in Vancouver include Kitsilano, Yaletown, and West Point Grey. These neighborhoods offer a variety of amenities, including access to parks, restaurants, and shopping. They also offer easy access to downtown Vancouver and the surrounding areas.

How do I find a place to live in Vancouver?

We asked expats how they chose their neighborhood and found a place to live. They answered:

"I bought a house near where my daughter initially wanted to go to school. She changed her mind before we moved in, wanting to attend school in a different town. So we moved 4500 miles together only to live 30 miles apart. She boarded, came home at weekends. Soon as my residency permit came through, I sold the house and bought one in the gulf islands," said one expat in Vancouver.

"One of the best ways to find a place to live in Vancouver is to use online resources such as Craigslist, Kijiji, and PadMapper. These websites allow you to search for rental properties in Vancouver and surrounding areas. Additionally, you can also use local newspapers and real estate agents to find rental properties. It is also a good idea to attend open houses and viewings to get a better idea of the rental market in Vancouver. Finally, networking with friends and family who live in the area can be a great way to find out about potential rental properties," remarked one member in Vancouver.

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What is a typical expat home or apartment like in Vancouver?

"Expat homes and apartments in Vancouver are typically modern and spacious, with large windows that let in plenty of natural light. Many of the apartments are located in high-rise buildings with stunning views of the city and the surrounding mountains. The interiors are often decorated with contemporary furnishings and feature open-plan living areas, modern kitchens, and luxurious bathrooms. Expats in Vancouver can also find homes and apartments in more traditional neighborhoods, with charming Victorian-style homes and cozy apartments," said one person in Vancouver.

"I have a small farm, 11 acres, on the ocean. We have 5600 square feet of home, offices and workshops. This isn't typical for expats," remarked one foreigner who made the move to Vancouver.

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What is the average cost of housing in Vancouver?

If you are thinking about moving to Vancouver, cost of living in probably a key consideration. Expats commented about the cost of housing:

"I live in the Comox Valley on Vancouver Island. The area includes the towns of Comox, Courtenay and Cumberland, and the rural areas in between. Since Covid began, many newcomers are here and prices have gone through the roof! The average condo is $400,000, average townhouse is $600,000, and single family homes are higher. But prices are starting to fall as interest rates rise, and houses are not selling as fast. I recommend waiting a year to buy. That gives you time to explore the different areas, as each one has its own unique character," remarked one member in Canada.

"Cost of housing less than the UK but living costs around the same. Typical median house in the islands would be around $650k CAD," explained one expat living in Vancouver, Canada.

"The cost of housing in Vancouver is generally quite high. The average cost of a one-bedroom apartment in the city is around $2,000 per month, while the average cost of a three-bedroom house is around $3,500 per month. Prices can vary significantly depending on the neighbourhood and the type of property," said one person in Vancouver.

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Should I buy or rent a home in Vancouver?

If you have not spent a lot of time in Vancouver, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:

"Whether you should buy or rent a home in Vancouver depends on your own personal circumstances. Buying a home in Vancouver can be a great investment, as home prices in the area have increased significantly over the years. However, purchasing a home also involves upfront costs such as legal fees, mortgage insurance, and a down payment to name a few. It's also important to factor in the costs of upkeep and maintenance that come with homeownership. Renting a home in Vancouver may be a better option for individuals who are not in the financial position to purchase a home or do not want to commit to a long-term investment. Renting can also offer more flexibility, as renters can move to a different location after their lease is up, whereas homeowners lock themselves into their home for the long-term. Some rental homes also come with additional benefits such as utilities, parking, and access to amenities. In the end, the decision whether to buy or rent a home in Vancouver comes down to your own personal preferences and financial situation. Research your options and calculate the associated costs carefully to make the best decision for you," said one person in Vancouver.

What do I need to know when buying property in Vancouver?

When we asked expats what advice they would give a foreigner before buying a property in Vancouver, they said:

"When buying property in Vancouver, it is important to research the local market and understand the current trends. It is also important to consider the location of the property, as well as the amenities and services available in the area. It is also important to consider the cost of living in the area, as well as the taxes and fees associated with purchasing a property. Additionally, it is important to understand the zoning regulations and building codes in the area, as well as any restrictions or covenants that may be in place. Finally, it is important to work with a qualified real estate agent who is familiar with the local market and can provide advice and guidance throughout the process," said one foreigner living in Vancouver, Canada.

Are foreigners allowed to own property in Vancouver?

When we asked expats what advice they would give a foreigner before buying a property in Vancouver, they said...

"Yes, foreigners are allowed to own property in Vancouver. Foreigners are able to purchase residential and commercial real estate in Vancouver, as long as they meet the requirements of the Canadian government. Foreigners must obtain a valid work permit or study permit, or be a permanent resident of Canada in order to purchase property in Vancouver. Additionally, they must also meet the requirements of the provincial government, such as paying the applicable taxes and fees," said one expat in Vancouver.

What appliances are typically included in a rental?

We asked foreigners in Vancouver what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:

"Rental properties in Vancouver typically include a refrigerator, stove, oven, dishwasher, washer, and dryer. Some properties may also include a microwave, toaster, and other small kitchen appliances," wrote one expat who made the move to Vancouver.

Additional Information about Searching for a Home in Vancouver:

We asked foreigners in Vancouver what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...

"Expats looking for homes in Vancouver can search online for real estate listings, or contact a local real estate agent for assistance. They can also search for rental listings on websites such as Craigslist or Kijiji, or look for rental postings in local newspapers. Additionally, expats can join online forums and social media groups to connect with other expats and ask for advice on finding a home in Vancouver," explained one expat in Vancouver.

About the Author

Betsy Burlingame Betsy Burlingame is one of the founders of Digital Nomad Exchange and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and Digital Nomad Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.

Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.

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