With the average home price at a staggering $733,335, Vancouver tops the list of the 10 most expensive cities in North America by average home prices. The list, compiled by the Financial Post, also features 2 other Canadian cities, Toronto and Calgary, while the remaining 7 cities are all from the USA. 3 of the top 5 cities are from California.
Average home price: $733,335
The average price for a single family home in Vancouver rose 221% from 1999 to 2012, while the price of the average condo rose 148%. With an average home price of $733,335, Vancouver is the undisputed leader in the list of the most expensive cities in North America.
And here’s what $733,000 can buy you in Vancouver:
2. San Francisco
Average home price: $682,410
The most expensive city in the United States, San Francisco, has an average home price of $682,410. The surge of prices in the San Francisco Bay Area may largely be attributed to a booming tech industry.
3. San Diego
Average home price: $476,790
Completing the top 3 is San Diego, the second Californian city on our list. Improved economy, job growth and increased demand are a few of the interconnected factors that resulted in high real estate prices in San Diego, which for now and for the foreseeable future, is a desirable destination.
Average home price: $475,206
Coming in on fourth place is Toronto, the second Canadian city on our list. A vibrant city with a lot to offer, Toronto continues to attract people from all over the world. And according to Huffington Post, this is not going to stop anytime soon either.
5. Los Angeles
Average home price: $423,900
The city of angels closes the top 5, with an average home price of $423,900. According to Variety, year-over-year residential sale prices are already up by 18.4% in early 2014, while the inventory of homes for sale is low. And here’s what $420,000 can buy you in Los Angeles:
Finally, here are the other 5 cities in the top 10, that features a surprising Calgary, which is more expensive than New York City:
Average home price: $400,000
7. New York City
Average home price: $386,300
Average home price: $371,300
9. Washington, D.C.
Average home price: $368,000
Average home price: $344,400