Buy in Vancouver or Toronto?

It’s no secret how expensive the Vancouver real estate market can be, but, it’s still better than Toronto’s according to online real estate broker TheRedPin.com. And it’s not only the aesthetics the company uses to define better.

Rokham Fard with the company does point out Vancouver’s curb appeal which is living near an ocean and the ample green space are nothing to sneer at.

The weather also means Vancouver’s sales season never really winds down, allowing significantly more viewings and potential buyers, but when it comes to the almighty dollar, there are some perks too.

“Despite the fact that prices tend to be more expensive on an average basis, they’re actually better if not on par with Toronto for first-time home buyers. So, getting your feet and actually becoming a homeowner — it might be slightly easier in Vancouver,” says Fard.

First time buyers in Vancouver spend an average of $420,000 compared with about $5,000 more in Toronto and there are also almost twice as many condo re-sales here as there are out east.

Fard adds you’ll also pay less tax if you close the deal here.

“Basically you pay two taxes in Toronto, it’s simple, versus in Vancouver you pay one. That’s direct savings and not an amortized saving, that’s money in your pocket from the get-go. On a $500,000 home in Toronto you would pay about $12,000 plus in taxes where you would pay about $8,000 plus in Vancouver.”

And if you’re on the selling side of things, you’re also more likely to get what you’re asking for in Vancouver.

Fard says the sky really is the limit when it comes to real estate prices here. A home that was listed at just under $6 million sold in 12 days for $2 million over the asking price in May.

Two weeks ago, a home listed at just under $3 million sold for more than $1 million over asking, in mere hours.

Source: New 1130