For those who are lucky enough to own a condo in Richmond, looking to upsize will be the next step.
But how long does it take for someone to do that in the current housing market? A recent report gave the answer – 12 years of saving their entire income.
Point 2, an online real estate marketplace, released a report this week analyzing the benchmark price for condos and housing units, and local median household income.
“Even in theory, going from condo to house is no easy feat — and data supports that it has only become tougher in recent years, with both apartments and houses doubling in price in the last decade,” reads the report released on July 5.
“In a market defined by chronically increasing interest rates and steady demand, the idea that homeowners can comfortably one-up their residence is unlikely.”
According to the report, Vancouver, Surrey and Richmond top the list of cities that have the widest condo-house price gap in B.C.
Although houses in Canada are nearly 40 per cent more expensive than condos, it is 128 per cent more expensive in Richmond – with a benchmark house price of more than $1.7 million and condo price of $757,000.
This makes Richmond the city with the third largest house-condo price gap in the province, following Vancouver, where houses are 153 per cent more expensive than condos, and Surrey, where houses are 132 per cent more expensive.
Meanwhile, houses cost more than double condos in 14 cities in Canada, including six in B.C.: Vancouver, Surrey, Richmond, Abbotsford, Langley and Coquitlam.
No B.C. cities made the list of the 14 cities where upsizing is most feasible with Trois-Rivières in Quebec, Halifax and St. John’s topping the list.
