VANCOUVER, BC--(Marketwired - October 23, 2017) - A nationwide study conducted by CENTURY 21 Canada has revealed that the price-per-square foot (PPSF) in Vancouver West Side ($1,210 PPSF) and Downtown Vancouver ($962.75 PPSF) are higher than in West Vancouver ($816.61 PPSF), a part of town that is traditionally viewed as the priciest neighbourhood.
The study gathered the price-per-square-foot for a typical home across the major towns and cities in Canada from Victoria to St John's in 1997, 2006 and 2017. It used CENTURY 21's independently owned and operated franchised real estate offices from the Pacific coast of Vancouver Island to the Atlantic shores of Newfoundland.
Findings also revealed that price increases in the past 20 years were the highest on Vancouver's West Side (400%), followed by North Vancouver (367%) and then West Vancouver (355%).
"The West Side and West Vancouver are both known to be expensive neighbourhoods," says Brian Rushton, Executive Vice-President of CENTURY 21 Canada. "However, homes in West Vancouver are typically larger and when you break the numbers down on a per-square-foot basis, it's actually the west side that's more expensive."
Elsewhere in British Columbia, Victoria has shown healthy growth in the past 20 years with PPSF increase of 238% while prices in Vernon have only increased by 12% PPSF since 2006, the lowest growth across BC, Alberta, Ontario and Quebec.
CENTURY 21 also conducted a survey of more than 1000 of its agents from across the nation, recording buyer's opinions, their likes, dislikes, and what they are looking for in a home.
The survey found that updated finishings are important to 63% of BC home buyers but can be put off a purchase if renovations are needed with 28% of agents saying it's a potential deal-breaker. The data also showed that, when renovating, 93% of respondents say the kitchen offers the best 'bang for buck' in the eyes of the buyer.
Complete National results, and a downloadable video interview are available at: www.century21.ca/ppsf2017
Notes to Editor:
About CENTURY 21 Canada®
CENTURY 21 Canada Limited Partnership (century21.ca) is a real estate master franchisor with complete rights to the CENTURY 21® brand in Canada.
The CENTURY 21 System is one of the world's largest and most recognized residential real estate franchise sales organization with approximately 7,450 independently owned and operated franchised broker offices worldwide and over 115,000 sales professionals. CENTURY 21 provides comprehensive technology, marketing, training, management, and administrative support for its members in 79 countries and territories worldwide.
How the information was gathered by CENTURY 21 Canada
In the past, as seen in the data table for 1997 and 2006, CENTURY 21 Canada asked franchise owners around the country to define a 'typical' home in their area and provide the sales price and average square footage. For most, it was a single-family detached home, and the size depended on province, city, and neighbourhood. CENTURY 21 Canada released annual results in their Typical Home Price Survey.
In 2017, CENTURY 21 franchisees were asked to help come up with the average price-per-square-foot in their market. However, calculating a precise number is not an exact science as every office and province tracks statistics slightly differently. As a result, some have used either the average or benchmark prices (depending on the market) and tracked average square footage in sales from January 1- June 30, 2017. The price-per-square-foot was calculated from those numbers. Each franchisee has confirmed that that the numbers provided are an accurate representation of their market.
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Contact Information:
For more information please contact:
Peak Communicators
Victoria Ullrich
Phone: (604) 689-5559
Email: victoria@peakco.com
