It is possible to buy an investment condominium for less money – and with better returns – in New York City than in Vancouver, according an expat New Yorker now living in Vancouver. Melissa Orozco, owner of Yulu Communications, and her partner had considered buying an investment condo in Vancouver’s West End but are now looking instead at central Manhattan and Brooklyn.
Among the listings that caught her eye: an 800 square foot co-op apartment in Midtown South Central Manhattan priced at US$305,000. This works out to $394 per square foot. Comparable condo prices in downtown/West End Vancouver average $650 per square foot.
New York has a much stronger rental market than Vancouver, Orozco explained, and apartments rents are much higher. For instance, she currently sublets her 500-square-foot Manhattan apartment for $3,000 per month.
With 8.2 million people living in Manhattan, she noted, there is never a lack of potential tenants.
Typical rent per square-foot for a small Manhattan apartment is around $6 per square foot. In Vancouver it is closer to $2.25 per square foot, even for brand new units downtown.
For instance, Aquillini Developments plans to rent purpose-built rentals in its new tower next to Rogers Arena in Vancouver for from $2.20 to $2.40 per square foot.
