Vancouver is known as one of the best places to live. Who can resist the mountains and the ocean? But living in Vancouver as we know, is expensive. While location and square footage are still key to a potential buyer, they are no longer the only major considerations. Getting the most for your dollar is increasingly more important and a building’s amenities are becoming the drawing point.
What is considered a great amenity has changed over time. Commonplace amenities have been elevated: Gyms are no longer just a stationary bike and free-weights, but rather, state-of-the-art fitness equipment enticing homeowners to cancel their gym memberships.
For Cressey Developments, this is standard in most of their buildings. They have gone so far as to include lap pools, sauna, steam rooms and hot tubs.
The ubiquitous meeting room has become more multi-purpose; an evening of crafting is now a reality. Lobbies aren’t just a silk plant and any old sofa; hotel-style lobby lounges with large screen TVs are popping up in new buildings.
Pet-friendly buildings can include dog runs and dog washing stations while those with an active lifestyle may find bike tuning and bike washing stations in their parkade.
Roof top decks now often include indoor social lounges that are fully furnished with direct access to the outdoor space complete with fire pits, seating and communal garden plots.
In larger communities, where costs can be shared among more residents, a central clubhouse is becoming the norm. It’s not uncommon to find a 3,000 sq. ft. clubhouse that houses a multitude of amenities such as wine cellars, video arcades for kids, indoor hockey rinks, karaoke rooms and even bowling alleys!
So how much should you expect to pay in monthly maintenance fees? The amount will depend on the age of the building, location, amenities and the general condition of the building. Typical strata fees for a high-rise building approximately 6-10 years old can start from as low as $0.27 per square foot and go up to $0.45 per square foot. Keep in mind that the strata fees in older buildings can be 30-40% higher than new buildings. All of these fees add to your monthly cost but can add a great deal of value to your living experience and may help you cut out other fees or memberships.
