And at the start of 2022, the average cost for an unfurnished one-bedroom unit in the region was $1,827, which is a whopping $400 lower than the average price for the final month of the year.
The popularity of apartments continues to increase
For Vancouver and other municipalities, affordable property types have become more popular, meaning that the level of affordability of those types is starting to trend downwards. The benchmark prices for apartment and condo properties are creeping upward.
All 18 Metro Vancouver municipalities that Zoocasa analyzed saw benchmark apartment prices climb over $500,000, “leaving few properties with down payments under $30,000.”
This is a stark difference compared to 2020 when, according to Zoocasa, 10 out of 18 municipalities had apartments with minimum down payments under $30,000.
Zoocasa also pointed out an interesting situation in Tsawwassen. While it saw the second smallest change for a down payment needed for a detached home, it saw the third largest increase in the down payment required for a benchmark apartment.
The Vancouver West region — not to be confused with West Vancouver — is still the highest on the scale by far.
In Vancouver West, the benchmark price for a detached house in February 2020 was $2,914,000, which jumped to $3,103,100 this February. The minimum down payment in Vancouver West for a detached home is $620,620.
For an apartment, the benchmark price in Vancouver West is $824,400, with a minimum down payment of $57,440.
If you’re wondering what the cheapest spot to purchase an apartment in BC is, that honour goes to Maple Ridge. Maple Ridge’s benchmark apartment price is $507,500, with a minimum down payment of $25,750.