Just because Vancouver is expensive, does that make it a luxury world city?
Luxury is an evocative word, but in real estate, defining “luxury” is a daunting task. It’s not only about the expense, it’s also about prestige and uniqueness. Luxury is a matter of perception – both in terms of ourselves and our sphere of influence.
Vancouver, when comparing average housing costs and average household incomes, is one of the most expensive cities to live in the world, but this doesn’t necessarily make it a luxury destination.
Think of famously luxurious places to live – such as 5th Ave in New York, the Champs Elysees in Paris, Mayfair in London, or Monaco on the Mediterranean.
Is Vancouver among those destinations, or headed that way? Are we becoming one of the top cities for luxurious living?
Let’s review the strengths and weaknesses Vancouver presents as a luxury city.
Low crime, great education, cleanliness and social cohesion are the foundations for a pleasant day-to-day life. Vancouver has all of these and is ranked the third-most livable city in the worldby the Economist for the seventh year in a row (and before that it was in top place for seven years).
Also, when you can enjoy winter sports after work during the winter and stroll on the beach in the summer, you know you are in a good place.
Vancouver’s location also makes it suitable for a quick getaway in the US or within beautiful British Columbia, like Tofino or the Okanagan wine region.
Regarding the entertainment and food scene, Vancouver is certainly soft-spoken but delivers multiple great restaurants and quality food, as well as film festivals, theatre, music and art exhibitions. We don’t have a Fashion Week, but we do have many innovative brands emerging from our city.
Read more http://www.rew.ca/news/vancouver-s-luxury-real-estate-market-on-a-global-scale-1.22628661