The real estate market in Metro Vancouver presents a stark contrast in property values, even for homes with the same benchmark price. While a benchmark house in the City of Vancouver hovers around $2.43 million, this same amount can secure significantly different properties in surrounding municipalities, offering more space, historical charm, or desirable features.
Key Takeaways
- Benchmark home prices vary by nearly $2 million across Metro Vancouver communities.
- Vancouver West and West Vancouver boast the highest benchmark prices, exceeding $3.1 million.
- Pitt Meadows and Maple Ridge offer benchmark homes at a considerably lower price point, around $1.2 million.
- Using Vancouver's benchmark price ($2.43 million) as a reference, buyers can acquire larger homes, properties with more land, or homes with unique features in other Metro areas.
Exploring Metro Vancouver's Real Estate Value
For the price of a benchmark house in Vancouver, approximately $2.43 million, prospective buyers can explore a range of options across the Metro Vancouver region. This price point unlocks opportunities for more expansive living spaces and distinct property characteristics compared to what's typically available within Vancouver city limits.
In New Westminster, a six-bedroom, six-bathroom heritage home built in 1909, spanning over 3,500 square feet, is available for a price comparable to Vancouver's benchmark. This historic property offers a sense of character and ample space.
North Vancouver presents a 1950s rancher-style home with five bedrooms and three bathrooms, measuring nearly 3,300 square feet, listed at $2.448 million. This property is situated on a larger lot surrounded by nature.
Richmond offers a renovated 1970s house with 3,200 square feet, including four bedrooms and four bathrooms, for $2.439 million. This home boasts modern upgrades like a chef's kitchen and a substantial walk-in closet.
Further afield, a property in Belcarra at $2.399 million provides nearly 3,800 square feet across four bedrooms and four bathrooms, situated on a larger parcel of land with a water view and a sauna.
Surrey, a rapidly growing municipality, features a nearly 5,600-square-foot home with ocean views at 5242 Station Rd., priced at $2.438 million. This residence includes four bedrooms, four bathrooms, a large garage, and a greenhouse.
White Rock offers a substantial 5,000-square-foot home at 15890 Russell Ave., featuring seven bedrooms, seven bathrooms, a home theatre, and eco-friendly amenities like solar panels and in-floor heating.
In Maple Ridge, a 6-bedroom, 5-bathroom residence at 10043 246b St. comes with luxury features such as oak floors, a backyard putting green, and a heated triple garage, all for a price point similar to Vancouver's benchmark.
Price Disparities Across the Region
The benchmark price for a single detached home in Metro Vancouver varies significantly. While Vancouver West and West Vancouver are at the higher end, exceeding $3.1 million, communities like Pitt Meadows and Maple Ridge offer benchmark homes for around $1.2 million. This wide range highlights the diverse affordability landscape within the region.
