Vancouver is the world’s third most livable city, according to a ranking released Tuesday by real estate research firm RealtyTrac.
The Globe and Mail is using data from the firm to compile the ranking, which was first published in 2014.
Vancouver ranked first for affordability, while San Francisco and New York also ranked among the most affordable.
The rankings are based on four factors: cost of living, population density, availability of jobs, and the level of social and cultural diversity.
They are not meant to be exhaustive, but rather to illustrate how affordability is improving in each city.
Toronto ranked first, followed by the Bay Area, followed closely by San Francisco.
The ranking is based on the cost of a home and how many square feet it is.
“Toronto is doing a fantastic job,” said Tim LeBlanc, Realty Trac’s president and chief executive officer.
“There are still some areas where it is a challenge, but it is at least a great example of the way things are being delivered.
Toronto’s still growing, but the pace of that growth is slower than what we see in other cities.”
The rankings were based on data from Realtytrac, which has been tracking real estate prices since the early 1990s.
In 2015, it released a report that found Toronto was becoming more affordable, and it now ranks first in the country for affordability.
Vancouver’s housing market is expected to increase by 50 per cent between 2021 and 2035.
But Vancouver also saw the highest rate of increase in its population, which grew by 6.5 per cent over the same period.
“Vancouver has a very strong housing market,” said Tom Waddell, an urban planner and co-author of the RealtyTrack report.
“It’s not just the people, it’s the supply of people, the quality of housing that’s there, the affordability of that housing.”
RealtyTracker’s data also indicates that the number of new condo units in the city has increased by nearly 2,000 units over the past year, from 1,600 in June 2018 to 1,700 in March 2019.
The median price for a condo in Vancouver was $1.6 million in March 2018, and rose to $1,832,000 in March 2020.
The average price for an apartment in Vancouver rose to just under $1 million in February 2018.
RealtyTrak says there is still room for growth, especially if the market can be sustained.
“We think it is possible that the housing market will continue to expand at a rate that will not require the current influx of foreign buyers,” said the company’s chief economist, Daniel Gagnon.
“However, the recent slowdown in Chinese activity will likely be a significant constraint to any gains.”
Still, the market is not yet over the cliff.
Vancouver saw a total of 1,904 new condo and two new apartment units added in March.
“A healthy market can accommodate new construction, while a weak market will not,” said Gagn on Tuesday.
“In terms of the supply, we see the number [of units] continue to decline, but demand is strong.”
Vancouver has not had any shortage of demand for condos since mid-2018, when the province began selling off properties.
The province will continue selling property for at least another six months, but with no new inventory to fill the gap, the province will have to sell the rest of its properties in 2019.
“The fact that we are at this point in the market, which is a lot like the ’70s when the city was experiencing a housing shortage, is encouraging,” said Realty Trader president Chris LeBlanch.
“But the supply is still very low, and there is a real risk that prices will continue declining in 2019 and beyond.”