You are probably thinking “well, I have to go and search for a property in the Vancouver real estate market, I am not going to get a fair price”.
If you are like most of us, then you are in for a shock.
With a median price of $1.8 million in the Greater Vancouver area, Vancouver is a city that is more expensive than most other cities in the world.
That is because the price of homes in the city has more than doubled in the past decade.
In the last five years, it has increased by nearly a quarter.
In 2016, it was $2.1 million.
That equates to a median asking price of nearly $1 million in a city where you would find an average price of around $1,500.
If you were to look at the real estate listings on the city’s website, you would notice that the average asking price in Vancouver is around $500,000.
It is a bit of a shocker, to say the least.
But how did this happen?
Why is it that there is so much money in Vancouver?
In the past five years alone, Vancouver has had over 500 construction and construction related projects completed, a rate of construction that has increased more than 200 per cent.
That means that Vancouver’s housing stock has increased from around 1.5 million units in the mid-1990s to nearly 2.5 times that today.
And that growth has been fuelled by an explosion in the number of high-rise towers that are being constructed in the area.
The result is that the number and density of high rises has increased significantly.
According to the city, there are approximately 1,600 towers in the City of Vancouver, and over 400,000 square feet of office space.
A typical high rise in Vancouver, according to a 2016 study conducted by the Downtown Vancouver Partnership, is approximately 300 feet tall, with a height of 300 feet.
It would be almost impossible for a home to fit in the same area.
While that may not sound like a lot, according the study, the number is actually quite significant.
It means that more than one home could be located in the exact same location, which would mean that if there were an earthquake, it would have an effect on all of the homes that were within 100 metres.
The effect of the earthquake would be felt for weeks to years, according a study conducted in 2016 by the University of British Columbia.
“It’s an effect that would affect people who live in the neighbourhood for years,” says Dr. David Gershoff.
The study, conducted by Dr. Gershof and Dr. Richard Ritchie, looked at the effects of a large earthquake on the surrounding neighbourhoods.
For example, if a large quake happened within 10 metres of a building, the effect on that neighbourhood would be significant, as it would cause damage to the entire neighbourhood.
As a result, a city of over 1 million people needs to have enough high rise buildings to house all the people who want to live in it.
But in the United States, there have been several large earthquakes that have occurred in the last few years that have caused significant damage to high rise structures.
In 2017, the California Earthquake Center reported that there had been a magnitude 9.0 earthquake in San Francisco, California, and that it damaged a total of 961 buildings, causing $3.5 billion in damages.
In 2018, the same earthquake occurred in Utah, causing more than $3 billion in damage.
“The damage to our high rise industry in the US is a huge one,” says David Ganshoff.
“When the first quake struck in California, we thought that this earthquake was going to be a small thing and it’s not, but it’s huge.”
In the case of the San Francisco earthquake, the damage was so extensive that it required the construction of new high rise towers, which cost the city about $10 million.
“That’s what we need to be able to build for the next earthquake,” says Gershons work.
“We can’t have that next earthquake happen if there is not enough high rises.”
With all the high rise projects that are underway, there is a shortage of affordable housing.
According a study by the Institute for Local Self-Reliance, only about two per cent of all the new homes in Vancouver are affordable.
“I think that’s probably because the demand is high for housing and we need that supply, not necessarily because there are too many units,” says Michael Blais, co-founder of Urban Design and Planning Vancouver.
“Vancouver is a very dense city and it doesn’t take a huge amount of space for an individual to be living in a high rise, which means there are very few units that are affordable to the average household.”
However, that does not mean that there are not many affordable units available.
According the City’s 2017 report, there were more than 2,500 units in high rise rental apartments in