How much would you pay in order to live on the 50th floor of a high-rise? We estimate that you have to pay almost twice the price of an equivalent unit on the 10th floor or 2.7 times the price on the first floor.
Would you pay twice, three-times or quadruple the price to live high in the sky? What if you had a view versus no view? Would you pay more for a home with a view despite it being smaller in size?
In this article, we talk about the rise in price for every floor-level up in the City of Vancouver and according to 2019 MLS real estate data, one apartment located on Georgia Street and neighboring the Trump Tower and the Shangri-La Tower (two of Vancouver’s tallest and most notable buildings), costs $5, 840 per square foot to live on the 26th floor of the Coal Harbour, Vancouver.
Whether you call it a ‘storey’ (British), ‘story’ (American) or ‘floor’, this is referring to the level-up at which an apartment is located. In real estate, generally, the higher up, the more expensive, as the payoff usually comes with a view.
But there have never been exact statistics on how much the value increases per level up. It has always been a mystery to realtors, buyers and sellers in Vancouver as to how much they should pay for every floor they go up. Some say its $4,000 per floor while others say it is $500 per floor. But what is it really?
Data scientists at Roomvu have now done the exact calculation for the average price for each floor level per neighborhood and by what percent it changes as you go up. This means, that finally, the secret is out!
The average cost per square foot, per floor level for the City of Vancouver
Coal Harbour and Central Lonsdale experience the biggest increase in price per floor-up, whereas Brentwood Park and Central Coquitlam experience the smallest increase in price per floor-up. The diagrams below show the average price per square foot, per floor along with by which percent the price increases per floor.
- Zone 1 Floors 1-10: $28/sqft (approx. 3% raise/floor)
- Zone 2 Floors 2-25: $7/sqft (approx. 0.7% raise)
- Zone 3 Floors 25-35: $14/sqft (approx. 1.2% raise)
- Zone 4: Floor 35: $47/sqft (approx. 2.3% raise)
- Zone 5: Floors 35+: insufficient data (Roomvu Team)