The Real Cost of a Vancouver Condo

(December 18, 2013 , posted in Vancouver Real Estate)

When it comes to buying a condo in downtown Vancouver, there are a lot of choices. Aggressive development over the past twenty years has brought a lot more inventory to the market and has created densely populated pockets of Vancouver with chic, waterfront and, in some cases, more affordable living.
In order to figure out which areas are most affordable in current market conditions, I used information from the REBGV to create an overview of the downtown condo market based on March 2013 and first quarter sales in the different areas.
Median Sale Price for Condos in March 2013:

Coal Harbour – $752,000
Downtown – $442,000
Kitsilano – $450,000
West End – $468,500
Yaletown – $526,000
False Creek – $583,000

Number of total Sales in the first quarter of 2013 by area:

Coal Harbour – 49
Downtown – 171
Kitsilano – 84
False Creek – 43
West End – 100
Yaletown – 136

Pricepoint and location make Yaletown attractive to a lot of buyers, but overall, condos under $500,000 are still selling best even though total sales for the first quarter of 2013 are down at 431 compared to 543 in 2012. Interestingly, condos over the $3,000,0000 are selling at similar comparison to last year, which tells us that luxury buyers are still buying.
As you can see, Coal Harbour remains the most expensive area of Vancouver in the condo market but its consistent desirability and active community lifestyle, as well as its proximity to downtown’s business district, make it a solid investment for those who can afford to buy in the area. Specifically in Coal Harbour, REBGV shows 182 listings with 10 sales to date in April of 2013. Of these listings, 25 are over $3Million in price and are heavily focused in the prestigious West Cordova area of Coal Harbour.
If you want to live in Vancouver, you have one of five choices for waterfront / waterside condo living. The good news is they range in price per square foot (PSF) enough that a range of buyers have the potential to enjoy the best condo living Vancouver has to offer.

Coal Harbour: ave. sale price $2,668,000 @ $1292/PSF
The West End: ave. sale price $769,000 @ $701/PSF
Yaletown, which includes the Marinaside Crescent: ave. sale price $1,122,000 @ $855/PSF
False Creek, which includes the Olympic Village: ave. sale price $1,457,000 @$855/PSF

(sale prices quoted are the average YTD as provided by the REBGV)
Even though the average prices are still quite high, a lot of options do exist for those of you looking to buy under $500,000 and remain downtown. It’s the incredibly large range in price (from $300,000 to $3,000,000) that brings average prices up even though we are seeing a lot of activity under the $500,000 mark.
For more information or to arrange a tour of some of these areas to see which ones might suit you best, please fill out the buyers section of this website and I’d be happy to answer your questions and provide you with more information, including detailed market snapshots of the areas and the price ranges that interest you most. I look forward to hearing from you!