The ideal home a generation ago was a single family home with a backyard, garage, and a white picket fence. Due to the run up in Vancouver land prices over the past 20 years, a single family home is now out of reach for most people, but condos most certainly are not. Sure, prices for attached properties have also skyrocketed in the past couple years, but most 1 bedroom condos are still relatively “affordable”, and least in today’s low interest rate environment.
These smaller 1-2 bedroom Vancouver condos are now going to act as the single family homes for first time buyers, rental property investors, and have really replaced the single family home demand which has cooled significantly.
Families are adjusting to living in smaller condos, even with 1 or 2 kids. It’s like this in Asia, Europe, and in a lot of the rest of the world, and will soon be the norm in many North American cities as well where available land is scarce (New York, San Francisco, Toronto, etc.)
If you’re an investor, unless your plan is to redevelop, smaller, 1 bedroom condos is where I would be placing my bets right now!
Looking for some advice in the Vancouver real estate market? Contact our property management and real estate company here.
Chris Stepchuk
Dec 26, 2017
Ideas to help boost attendance at your AGM I think that most people will agree…
Strata Property Insurance premiums have increased dramatically here in BC over the past decade, and…
This is a question that we get asked ALL the time! A Strata owner will…
Based on the number of calls we receive through our emergency afterhours line, I think…
We get asked quite frequently IF sitting on Council can be a paid position? The…
It may seem counter-intuitive for us to say this since many of our current…