Why Is Vancouver So Expensive? bullet point
Vancouver is a large,expensive city to live in. The top priority when looking for a new place to live is affordability.
Most people who move to Vancouver look at prices and think low-quality of life versus money-value. Most people in their mid-30s to 50s are looking for something different than the comfort and security they experience at this stage in life.
This is definitely true when it comes to housing. People are seeking out housing with higher expectations. They are moving into a city where everyone has a car and houses are bigger than what they have now.
Suffice it to say, people do not feel comfortable moving into such a high-regulation area where anything can happen anytime without having backup plans.
As the largest city in North America, population has gone up over the past few decades. This has had an impact on real estate prices and availability!
Since there are more people looking to live in your area, they are charging more for real estate. A 2-bedroom apartment in Vancouver can cost as much as $3,600 per month!
This is expensive for a single person or a couple, though. As a single person or couple, you will need two houses or a condo units to host your guests.
Plus, if you want more space, you have to buy another unit or house. It is extremely hard to find affordable housing in Vancouver, so people with limited funds may not be able to live here.
As mentioned earlier, mortgage rates are at their lowest ever. As a result, more people are having access to mortgage loans.
This growth in the economy has led to more demand for housing and businesses that need space to expand. There are now more people in Vancouver, and they want housing!
Many of these new residents are from outside Vancouver, making downtowns expensive transition zone. A great way to help lower your cost of living is to look for ways to save money while living and traveling in downtown Vancouver.
There are many ways to save money in downtown Vancouver. Here are some points of entry into the network of savings gyms, fitness centres, eating establishments, and businesses that cater to you that serve most people: Rogers Arena; Cambie College; Granville Street; King Edward Station; MAV Centre; Main Mall (located at the foot of Burrard Street); Mcalpine College; Metropole Hotel & Tower Place Condo Association Limited (Metropole Hotel & Tower Place); Mount Pleasant Cemetery (Mount Pleasant Cemetery); Newmark Theatre (Newmark Theatre); Parkade Building (Parkade Building); Pender Island Community Centre (Pender Island Community Centre).
Lack of housing supply
As mentioned earlier, there are a limited number of properties in Vancouver that are for sale. This makes it hard for average people to find and afford a property here.
This limited supply combined with high prices make Vancouver one of the most expensive rental markets in the world. A one-bedroom apartment in downtown Vancouver can go for over $3000 per month, making it very expensive to live in.
Even if a person were to find a property at an affordable rent, there is always someone else willing to move into that property and take out another tenant. When there is only one home per person, this becomes an issue of privacy!
Another factor that causes Vancouver real estate prices to be so high is the lack of inventory. Sellers are being cautious and sitting on their hands until they receive a payment from buyers. This takes away from consumers of having new properties to buy.
Families vs. singles
As mentioned earlier, houses are relatively expensive in Vancouver. You will also notice that the most expensive houses are in the mid-range price ranges.
This is because there are more people per house compared to average houses. There are more people moving to Vancouver every year due to its costliness, so this is definitely a major factor.
However, if you want a house with a nice view, then you better buy now because these days they’re going fast!
Single people may be in trouble too. Because there are not many bars and social places, people choose not to be single. There just aren’t any options for someone who wants to hang out without getting involved with someone else.
This is another reason why families exist in Vancouver as there aren’t very many single people or people who want to hang out by themselves.
Foreign investors are a strong force in our community, and for good reason. They help build companies and support local talent.
However, there are also large foreign investments in British Columbia. These investments come from countries such as China, Canada, and the United States.
Many of these investments involve using local employees to staff a company or working for a company as an intern or employee. This happens most frequently in Vancouver, where there is an abundance of high-power jobs.
For example, an American who works for a Canadian company might go to college in the United States and obtain an American degree. Then, they return to Canada and work for the Canadian company as an intern.
This goes against one of the principles of international business: Knowing your target market before acquiring your business makes it cheaper.
Visiting a new city can be fun. You get to see places, people, and things that make the city special.
However, doing a quick review of the city you’re visiting can help find all the cool places and people you’re looking for. The same cannot be said for other large cities around the world.
Some places have a reputation for being expensive. Vancouver is definitely one of those places. Many travel agents in tourist destinations charge a fee to promote their services which puts extra pressure on residents to keep prices low.
If you are looking to move back to Canada, Vancouver is not the best place to start because of this.
Rising prices = rising rents
As the middle class shrank in developing countries between 2005 and 2015, prices in countries such as China and India increased at a rapid rate.
In China, where poverty is widespread, goods are expensive. People are forced to spend money on things that mattermost-food, clothing, housing supplies etc.
This has had a tremendous impact on prices in the country. In 2009, for example, clothes cost less than they do today!
Similarly in India, where cheap clothes were common, people were reluctant to investing in new clothes or new housing when they saw how expensive new clothes and housing were.
This has had a tremendous impact on popularity of fashion today. New innovations take years to develop and gain popularity before because of this effect.
Rising costs aren’t just putting a strain on us personal finances but also the economy as a whole.
School costs and tuition costs
School costs and tuition costs are two major expenses that students must take into account when looking at universities. While it may be cost prohibitive to study at a university in large metropolitan areas, there are many small and affordable universities all over the world that offer quality education.
Many times, smaller universities do not have enough funding to give every student the opportunity to succeed. At a university, there is always someone who does not learn how to use computers or social media, and they sit on campus with no real life experience.
With technology growing and falling as it does, students have to find ways to keep up with new technologies. At some of the smaller universities I have studied at, you would find people who were computer illiterate.