Vancouver is one of the most popular locations to live in the world. But this can make property prices seriously high.
Today, we’ll be looking at some of Vancouver’s most expensive condos, where they are, what they include, and how much they cost.
There will also be some deep dives into the Vancouver property market to see how much it would be to rent or buy in some of the most popular areas.
Ask Genie is home to many articles detailing the most expensive things in the world, so let's look at why Vancouver is so costly and what affects its property prices.
Most Expensive Vancouver Condos
Three Harbour Green Penthouse —$49 Mil
This luxury living space is situated in one of Vancouver’s most expensive and exclusive neighbourhoods.
The Harbour Green community is home to the Coal Harbour Marina, the longest uninterrupted seawall in the world.
This fantastic penthouse is over 8,000 square feet and comes with five bathrooms, four bedrooms, two rooftop terraces, a balcony and a zen garden.
The unobstructed 360-degree views of the ocean, Lions Gate Bridge, Stanley Park, North Shore Mountains, and English Bay look like something out of a movie. This is the largest luxury oceanfront penthouse with views to match its opulence.
Plus, the 20-foot ceilings give the condo an open feel. Designed by Karin Bohn of the famous House of Bohn design studio, this home is full of custom finishings and luxurious materials.
Some design highlights include dark marble with solid oak hardwood, custom millwork, and a full chef’s kitchen. Constructed in 2012 and renovated in 2016, the condo has all the latest design features.
And if that isn’t enough to get your real estate heart pounding, there is also a seven-car private garage downstairs that offers total privacy and three high-security rooms.
The amenities that go along with the Harbour Green penthouse include:
- Theatre room
- Swirl pool
- Ozonated indoor swimming pool
- Table tennis
- 24/7 concierge service
- Guest suite
- Virtual golf
- Billiard room
- Indoor squash court
- Sauna and steam rooms
This condo has everything you could need to live comfortably and securely.
But be ready to pay to live like royalty because this penthouse is on the market for a cool $49 million.
You can book your viewing today with Macdonald Realty.
Georgia Street —$34.8 Mil
Located within The Shangri-La Estates, this penthouse is one of two sitting above the tallest building in Vancouver.
Situated on the 61st floor, the views from this condo will take your breath away.
The 4,363 square-foot penthouse boasts three bedrooms and five bathrooms. All this surrounds the 3,000-square-foot poolside terrace.
Plus, you’ll truly feel like you’re making an indoor-outdoor living with the 14-foot ceilings and floor-to-ceiling windows. You can enjoy the magnificent views of Coal Harbour, Stanley Park, Lions Gate Bridge, and Mount Baker.
Plus, you have access to the five-star amenities of the Shangri-La Hotel, including saunas, hot tubs, and valet parking from your private three-car garage.
While this all sounds incredible, the only drawback is the $34.8 million price tag, which can only be afforded by the most affluent of people.
Cordova Street —$29 Mil
This luxury penthouse is located on top of the fabulous Fairmont Pacific Rim Hotel. It boasts four bedrooms and four and a half baths in the 6,500-square-foot condo.
There are endless views of the ocean, city, and North Shore mountains to be enjoyed in this private living space with a rooftop deck that’s perfect for entertaining.
The 21-foot ceilings give the penthouse an open feel, and the hand-laid Bisazza heated tiles add to the comfort.
You can enjoy the jacuzzi bath, yoga room, full air conditioning, and Millson tech automation. The hotel has amenities, including a gym, swimming pool, and 24-hour concierge, all at your disposal.
1000 Beach Avenue —$23.88 Mil
In Yaletown, you can experience the pinnacle of luxurious living with this stunning apartment at the prestigious 1000 Beach is spread across two stories.
This seaside condo has 7000+ square feet of light, airy space with an ocean view. This premium suite is unique thanks to its 360-degree views, 35-foot ceilings, large patios, and elements like a secret vault, gourmet kitchen, and private four-car garage.
The private elevator (entry through the garage) offers privacy and secrecy.
You can enjoy the breathtaking views with all that this distinctive property has to offer. The glass-bottom pool, squash club, 24 hr security, and fitness center are all exquisite features.
Which Areas Have the Most Expensive Condos?
Undoubtedly, Vancouver rentals are increasing in particular markets like studio apartments.
But it’s all down to location at the end of the day, which can make or break a property’s price. So, let’s take a gander at the average rental price in the different areas.
- Downtown Vancouver—$2,450
- Mt. Pleasant—$2,350
- West Point Grey—$1,850
Obviously, if you’re buying a property, this changes things quite a bit. Here is the average cost of property in different areas of Vancouver:
- Downtown Vancouver—$830,000
- Mt. Pleasant—$563,300
- West Point Grey—$1.7 million
- Cambie—$1.3 million
- Dunbar—$1.9 million
- Arbutus—$1 million
Pricing is heavily affected by what’s included in the property: private garages, a steam room, storage rooms, unobstructed views, and custom-designed cabinetry all add to property value.
Average Rental Costs in Vancouver
The average rent depends on a whole load of factors, including locations and amenities.
But let’s look at the median rent for properties in Vancouver:
- One bed—$2,495
- Two beds—$3,490
- Three beds—$4,500
- Four beds—$5,250
With this, you’re looking to pay $1,000 more for each extra bedroom, except when upgrading from a studio to one bed, where the average difference is around $200.
Studio apartments in Vancouver have increased the most in price year on year, with a 28% increase. So the demand for these smaller rentals is on the up.
What Makes Vancouver So Expensive?
Soaring Real Estate Prices
According to Southerbys, condos and family homes over $4 million in Vancouver have increased 171% year over year.
While higher-priced property sales are generally more private, in 2021, 24 properties sold for over $10 million each. This is a 218% increase from 2020, with 11 properties in that property group.
Looking at the more affordable: properties over $1 million were also up 145% in 2021 over 2020, with close to 6,000 properties sold.
Let’s break things down to show the year-on-year growth per market:
- Over $4 million—362 homes (up 172%)
- Over $10 million—24 homes (up 129%)
- Over $1 million—1,600 homes (up 171%)
As the hub of Canada, the Vancouver property market will ultimately grow quite a bit more than other areas.
However, it wasn’t the only city that had increased property sales; all major metropolitan areas in Canada had similar figures.
High Economic Growth
The Vancouver economy has had a steady growth period since the end of the Covid-19 pandemic at the end of 2021. The unemployment rate is decreasing, and the number of jobs is rising.
Young professionals are also making a comeback, with many earning more than they were pre-pandemic.
This means more disposable income and money for rent, mortgages, and bonds.
Younger generations also appear to be taking the plunge and investing in property rather than renting, making this a whole new sector for property developers and rental agents to tap into.
Low Availability and High Land Costs
Vancouver is one of the most livable cities in the world and was recently rated as the best city to live in North America, which is no easy feat.
The area is trendy because it offers the best of both worlds—a city lifestyle with stunning nature and outdoor activities on your doorstep.
The only problem? There isn’t enough space to house all the people that want to move to this fantastic city.
Since Vancouver has the nature aspect, there is a limit to how far it can grow property-wise. So, while developers can build up, there isn’t too much with regard to building out.
This space shortage means that the available land goes for a serious amount of money because property owners and developers know how in-demand the space is.
Developers Maximising Profits
Developers are always on the lookout for gaps in the market. But when there is an untapped market in property, they go after it like a dog with a bone.
There is nothing wrong with it; it actually grows the economy, increases property prices, and overall has a good effect on the housing market.
As construction costs have increased, developers are looking to maximise their profit in other ways. This means developing more of what sells, and the most significant return comes from luxury condos.
The most popular price point is just over $1 million. It’s not close to the $49 million mark, but it’s still considerable if we consider that Metro Vancouver has over 600,000 condos combined.
As a Metropolitan, Vancouver is home to some serious foreign investment. Companies and massive conglomerates are opening their doors left and right.
This means more people are looking to make Vancouver their home, and a lot of outside investment that wasn’t there before.
Foreign owners make up 10% of the property owners in Vancouver. They also, on average, spend 13% more than a local, so the luxury condo market is perfect for this.
Some say that foreign investment has a negative effect as it makes property prices increase. However, if you look at it from a business perspective, foreign investment adds to the overall economy of Vancouver, which ultimately adds value to the entire city.
Vancouver, along with most big cities in Canada, has experienced a dramatic increase in income among working men and women.
For example, the average median household income in 2016 stood at $70,500 and jumped $11,000 to $82,000 in 2020.
The increase in income has the average person spending more on rent and mortgages than ever before.
As the demand for property increases along with the rise in income, the property price automatically increases.
What is the most expensive condo in Vancouver?
Three Harbour Green Penthouse is the most expensive condo in Vancouver, costing an astounding $49 million. The spectacular condo offers amazing views and modern designs, like a fantastic rooftop terrace and a stunning swimming pool.
What is the average rent in Vancouver?
The average rent varies quite a bit, with a studio averaging $2,300, a one-bed going for $2,495, and two beds costing $3,490 per month. The rent is affected by aspects like location, amenities, and whether or not it’s a modern build or older.
What makes Vancouver so expensive?
The Vancouver property market is multiplying, and so much demand for property affects the price drastically. Foreign investment also affects things, with 10% of Vancouver’s property owned by foreigners.
Is it worth it to buy a condo in Vancouver?
There is no doubt that buying a condo in Vancouver is a serious investment. But it is one you won’t regret. The property market is growing at alarming rates, and buying now will give you the best chance of finding a good deal. The properties sell quickly, so taking the leap now is worth it.
Discover More Luxury News With Spin Genie
Vancouver is one of the most expensive cities in Canada, with property prices indeed confirming this as such. Considering how desirable this city is, it is no surprise that living here can cost you an arm and a leg.
However, if a condo is not to your liking, you may be more inclined to look at our article on the most expensive houses in Vancouver.
From our list, we hope you can see what it would take to live somewhere so idyllic. However, we cannot promise that these property prices will not rise in the coming years.
For those who want to find more of the most expensive things in the world, see if any of these blogs from Ask Genie take your interest:
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