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Something for Everyone in the Vancouver Condo Market

Something for Everyone in the Vancouver Condo Market

As the first month of 2018 ends, the Vancouver condo market is seeing a continuation of the trends that characterized 2017: a lack of supply in the detached market, and a high demand for lower priced one and two bedroom condos. But depending on your price range and needs, it looks like there will be something for everyone this year.

The Vancouver condo market at a glance:*

Average Vancouver Condo Asking Prices

Average Vancouver Condo Asking Prices

Vancouver real estate remains very competitive

At the time of writing this, our Vancouver market report shows that there are only 907 active condo listings on the market. Compare that to Toronto where there are 1757 active condos for sale. We know that a large segment of demand for Canadian real estate transferred from Vancouver to Toronto last year, which leaves the issue of supply in the spotlight. Low supply in the detached market is driving largely responsible for driving the demand for condos in Vancouver .

Condo Pro Scott Thompson says, “I know this is something we've been talking about for a while but this trend continues and until we see more active listings at any given time on the market I think supply and demand conditions will keep things competitive for home buyers. I think this is true of most price points right now but of course even more so true for the properties priced around $1 million or less.”

Little impact from new mortgage rules & interest rates . . . so far

It will be interesting throughout the winter real estate season to see the impact of the federal government’s new mortgage rules. We will likely have to wait until the summer to discover the long-term effects. So far, there is little evidence of a slowdown in buyer activity. Our team of Vancouver Condo Pros are not seeing any kind of meaningful impact on market conditions, at this time.

Lower priced 1 & 2 bedroom condos are top choice

In addition to the supply constraints on the detached market, the issue of affordability remains at a near crisis level. Much of the market activity right now is among lower priced one and two-bedroom condos. While the average price of condos for sale in Vancouver is $911,945, there are still desirable condos to be found under $600K, most of which will be one-bedroom suites.

Looking outside of downtown for lower priced condos

If you’re on the hunt for lower priced condos, Condo Pro Sandor Gregorin suggests looking in other areas outside of downtown such as Whalley | City Centre in North Surrey. “The area is gaining a lot of demand because of the very low prices compared to downtown and growing infrastructure,” says Gregorin. “Other areas to expand your search are New Westminster and the neighbourhoods of Burnaby , both are still popular. Ultimately, the more you chase lower prices to farther you will have to search outside of the downtown Vancouver area. That being said, there is something for everybody in the Vancouver condo market, just depends on their price range and needs.

*Data sourced via Condos.ca as of Jan 20, 2018