Vancouver
The condominium is usually known as a condo, a large unit consisting of apartment kind buildings that usually exist in the Canadian state. The only difference between condos and apartments is ownership, condos can be owned but apartments can’t be owned; they can only be rented. In the third-largest populated area in Western Canada, Vancouver, we can found a dramatic increase in housing prices from the past decade. And these condos are the one and only option for the people seeking for purchasing their own home. In 2020, total 14,500 condo units were sold out with the improvement of 2032 condos sale from 2019 and a project has been planned for 2021 for the sale of 15,600 condominiums.
Active market listings for condominiums
If rented, an owner has to pay monthly charges to a HOA, in charge of the whole building, for maintenance of common elements and maintains the unit elements present in the boundaries of his ownership. There are about 2000 listings of condos in Vancouver but the market level was low since last year due to pandemic.
The average price of condos
According to a forecast from Royal LePage for Vancouver, the average price was increased about 15% in 2020 upto 1,125,200 dollars and for a condominium, it can be increased up to 3% from 666,900 dollars in the next year. But the founder of Eitel Insights said that the average prices are going to decrease to 525,000 dollars in the next few years. According to Eitel, in April 2020, there were approximately 4000 condos are listed for sale but only 508 were sold out.
Cost according to Bedrooms and Bathrooms of condo
Vancouver’s condos usually cost 1044 dollars per square foot; despite of down in prices, the buyers of Vancouver’s condos pay highest throughout Canada. You can buy a condo of one bedroom in 549,000 to 1,000,000 dollars on the basis of square feet area and for two or three bedrooms it ranges from 848,888 to 3,499,000 dollars. Condos in these ranges mostly differ in the area; if you want an airy and spacious home then it costs more. If a buyer has a budget of 500,000 dollars then he can afford a condo of one bedroom with one bathroom on approximately 800 sqft. According to a report of a slowdown in Vancouver’s property market by RBC Economic in October 2020,
“Condo prices, in fact, have already stagnated over the past six months both at the national level and in some of Canada’s largest markets (including Vancouver, Toronto, and Hamilton). The growing interest in living outside major metropolitan areas is also heating up prices rapidly in smaller markets.”
Due to Covid-19 Pandemic in 2020, Vancouver condo prices had dropped to 15 percent from their average, and house prices increased. This is due to interest but this scenario can’t be continued because condominiums are the first step of the property buying ladder. In 2020, the number of purchased condos is more than 2019 and 2018.
Beautiful places of Calgary to buy a condo
Victoria Drive, 8th Avenue, Hastings Street, Vanness Avenue, Kingsway, Ascot Place, Broadway, Cardova, and Dundas Streets are the best areas in Eastern Vancouver. Burnaby, Harwood, Drake, Comox, Jervix, and Pacific Streets are the best places for buying a condo in Western Vancouver.
