What Your Budget Buys | $2M and up
What $2 million and up buys you
At the top of the newly built ground-oriented market the homes stop getting much bigger. Almost all of the extra money goes into the address.
The short answer
168 active newly built ground-oriented homes list above $2 million, about 12.1% of the market. The median is $2,298,950 for 1,864 sq ft at $1,249 per square foot. The median home here is only about 18% larger than the regional median, which is the point: at this level the money buys location, not floor area.
- Active listings
- 168
- Median price
- $2,298,950
- Median per sq ft
- $1,249
- Median size
- 1,864 sq ft
Newly built homes listed above $2 million
168 active listings
- Median list price
- $2,298,950
- Median price per sq ft
- $1,249
- Median size
- 1,864 sq ft
- Median strata fee
- $700
- Median annual property tax
- $7,888
typical range $2,099,630 to $2,940,430
typical range $713 to $1,584
typical range 1,546 sq ft to 3,244 sq ft
typical range $221 to $1,215
25 of 168 listings state one
typical range $4,370 to $11,852
42 of 168 listings state one
Measured across 168 active listings on .
You are buying land, and the numbers say so
The median home above $2 million measures 1,864 sq ft. The median across the whole region measures 1,586 sq ft. That is a difference of roughly 18%, on a price that is more than 1.7 times the regional median.
Put the two together and the conclusion is unavoidable. Above $2 million the extra money is not buying rooms. It is buying a postcode, and the price per square foot is the receipt.
Price per square foot in the neighbourhoods where the $2M-plus homes are
- Shaughnessy, Vancouver 4 listings $1,650
- Kitsilano, Vancouver 22 listings $1,539
- Point Grey, Vancouver 8 listings $1,440
- Cambie, Vancouver 7 listings $1,435
- Dunbar, Vancouver 18 listings $1,364
- University VW, Vancouver 3 listings $1,320
- Main, Vancouver 9 listings $1,316
- Fraser Street, Vancouver 3 listings $1,258
- Arbutus, Vancouver 5 listings $1,237
- Kerrisdale, Vancouver 22 listings $1,229
What is actually in this band
Where these homes are
- Vancouver 126 (75%)
- Burnaby 25 (15%)
- West Vancouver 6 (4%)
- North Vancouver 5 (3%)
- Richmond 5 (3%)
- Whistler 1 (1%)
The neighbourhoods with the most of them
- Kitsilano, Vancouver 22
- Kerrisdale, Vancouver 22
- Dunbar, Vancouver 18
- Main, Vancouver 9
- Point Grey, Vancouver 8
- Cambie, Vancouver 7
- Arbutus, Vancouver 5
- South Granville, Vancouver 4
Areas with three or more listings in this band.
How many bedrooms your money gets
- 2 bedrooms 1 (1%)
- 3 bedrooms 78 (46%)
- 4 bedrooms 37 (22%)
- 5 bedrooms 28 (17%)
- 6 bedrooms 13 (8%)
- 7 bedrooms 7 (4%)
- 8 bedrooms 4 (2%)
Median size
1,864 sq ft
Median per sq ft
$1,249
Median list price
$2,298,950
Type
33 townhouses, 135 half duplexes
Ownership
143 strata, 25 freehold with no strata
The cash you need at closing
Two rules stack against you at this level. Mortgage default insurance is unavailable, so 20% down is the floor rather than a choice. And property transfer tax rises to 3% on the portion above $2 million, with a further 2% on residential value above $3 million on top of that.
On a $2.2 million purchase that is $440,000 in down payment and $44,000 in property transfer tax, before legal fees, before adjustments, and before GST if the home is newly built and the contract does not include it. None of that can be added to the mortgage.
Where the $2M-plus homes are
The tightest cluster on the site. At this level you are buying a specific set of streets, and the map makes that plainer than the price per square foot table does.
162 of 168 homes plotted. 2 more have coordinates but were left off to keep the map readable. The ones shown are spread evenly across the price range rather than taken from one end. 4 listings have no coordinates in the feed and cannot be placed. Click a pin for the photo, the price, and a Street View link. Zoom with the plus and minus buttons or by pinching.
Homes listed above $2 million
$2,048,0002 4549 W 11TH AVENUE
Point Grey · 3 bed · 1,664 sq ft
$2,049,0001 8408 17TH AVENUE
East Burnaby · 6 bed · 3,764 sq ft
$2,050,0003181 CANFIELD CRESCENT
Edgemont · 3 bed · 1,934 sq ft
$2,058,0002 8029 MACPHERSON AVENUE
South Slope · 5 bed · 2,554 sq ft
$2,080,0001 5115 BUXTON STREET
Forest Glen · 8 bed · 3,863 sq ft
$2,080,0002 5115 BUXTON STREET
Forest Glen · 8 bed · 3,863 sq ft
$2,088,0001 950 W 17TH AVENUE
Cambie · 3 bed · 1,490 sq ft
$2,088,00015 6138 BIRNEY AVENUE
University VW · 3 bed · 1,581 sq ft
$2,088,0001 6666 WALKER AVENUE
Highgate · 8 bed · 4,153 sq ft
$2,088,0004426 W 4TH AVENUE
Point Grey · 3 bed · 1,465 sq ft
$2,089,0002 448 W 20TH AVENUE
Cambie · 3 bed · 1,456 sq ft
$2,095,0001 6139 ASHWORTH AVENUE
Upper Deer Lake · 7 bed · 3,582 sq ft
$2,098,0001 2637 W 12TH AVENUE
Kitsilano · 3 bed · 1,552 sq ft
$2,098,0003615 YALE STREET
Hastings Sunrise · 7 bed · 2,930 sq ft
$2,099,0002 475 W 20TH AVENUE
Cambie · 4 bed · 1,855 sq ft
$2,099,0002 2138 W 48TH AVENUE
Kerrisdale · 3 bed · 1,570 sq ft
$2,099,9001 231 E 39TH AVENUE
Main · 4 bed · 1,596 sq ft
$2,129,0001 258 E 19 AVENUE
Main · 3 bed · 1,500 sq ft
$2,138,0004675 ST. GEORGE STREET
Fraser Street · 3 bed · 1,642 sq ft
$2,148,8881485 W 52ND AVENUE
South Granville · 4 bed · 1,895 sq ft
$2,149,000516 W 60TH AVENUE
Marpole · 5 bed · 1,995 sq ft
$2,149,0002 4023 W 18TH AVENUE
Dunbar · 4 bed · 1,853 sq ft
$2,149,000948 W 57TH AVENUE
South Cambie · 3 bed · 1,781 sq ft
$2,149,0002 3620 W 20TH AVENUE
Dunbar · 3 bed · 1,550 sq ft
142 more active listings are not shown here. Search every active listing . Prices are the list price. Most new homes have GST added on top.
Common questions
What does $2 million buy in a new Vancouver home?
A newly built half duplex or townhouse of about 1,864 sq ft, on Vancouver's west side or the equivalent addresses in North and West Vancouver. Kitsilano, Dunbar, Point Grey, Kerrisdale, Arbutus, and Shaughnessy carry most of it.
Do you get much more space above $2 million?
Barely. The median home above $2 million is only around 18% larger than the regional median of 1,586 sq ft. What changes is the price per square foot, which is where nearly all of the extra money goes.
What is the property transfer tax on a $2 million home?
Above $2 million the rate steps up to 3% on the portion over that threshold. On a $2.2 million purchase the tax is $44,000, payable in cash at closing. Above $3 million a further 2% applies to the residential value over $3 million, which makes the top portion effectively 5%.
What down payment do I need above $2 million?
20% minimum, because mortgage default insurance is unavailable at or above $1.5 million. On a $2.2 million purchase that is $440,000, before property transfer tax and legal fees.
Why buy a half duplex at $2 million instead of a detached house?
The honest answer is that on Vancouver's west side a comparable detached house costs substantially more, and a newly built half duplex gets you the same street with current construction and a warranty. Whether that trade suits you depends on how much you value having no shared wall.
Where these figures come from
- VanPlex active listings, MLS® data
Active townhouses, half duplexes, and row houses built in the last two years across Metro Vancouver and the Fraser Valley.
Checked
- Government of BC, property transfer tax rates
1% to $200,000, 2% to $2M, 3% above $2M, plus a further 2% on residential value above $3M.
Checked
- CMHC, mortgage loan insurance for consumers
Insurance is unavailable at a purchase price of $1.5M or more, where 20% down is required.
Checked
- Canada Revenue Agency, GST/HST new housing rebate
GST applies to new homes. The rebate reduces it on qualifying purchases.
Checked
See the homes behind these numbers
Every figure on this page comes from listings you can open. Search the full set of newly built townhouses, half duplexes, and row houses, and filter by price, bedrooms, freehold or strata, pets, and parking.