most expensive price per square foot

Metro Vancouver is home to eight of the top ten most expensive places in Canada to buy a home, based on price per square foot.

The latest figures released by real estate company Century 21 shows that Vancouver’s West Side, Downtown Vancouver and West Vancouver are the most expensive places to buy in the country.

According to Century 21, a detached home on the West Side costs $1,161 per square foot.

However, the real estate group explains that the figures have remained relatively stable and increased slightly over the past six months.

“While prices in British Columbia were generally stable through the first two quarters of 2024, several Metro Vancouver suburbs saw price increases, while condo prices in Vancouver declined slightly, anecdotally as families continued to migrate from the city core to more affordable markets that offer more space,” the report said.

“Homes on Vancouver’s east side rose nearly 18 per cent to $977 per square foot, a recovery from a price decline last year and well below the price per square foot of properties on the west side and downtown. West Vancouver, North Vancouver, Burnaby, Richmond, Delta, White Rock/South Surrey all saw increases this year as well – most modest, and a recovery from last year’s declines. Prices in the Fraser Valley were stable,” the agency continued.

Meanwhile, at the other end of the list is Saint John, New Brunswick. A detached home in that city fetches just $186 per square foot — just over 16 percent of what Vancouver is asking.

As for what happens the rest of the year, Century 21 says interest rates will likely be a major determinant. The Bank of Canada will provide an update on rates on Wednesday.

“Sellers may be delaying putting their homes on the market because there is a reluctant buyer pool waiting for interest rates to drop,” the agency said.