As the condo boom continues to roll along, there are still plenty of buyers to consider.
But a new report from the Canadian Real Estate Association (CREA) suggests the boom is only about to begin.
A majority of the buyers were born after the condo bubble popped, which means it will be a while before they see the returns they’re hoping for.
“The condo market has been through a lot of ups and downs,” CREA president Doug Porter said.
For instance, there have been some recent price drops, but not all.
Some buyers have gone back to their parents’ condo, and some are still paying off student loan debt, which has created some new buyers.
In addition, the CREA reports there have also been some buyers who bought condos with the intention of relocating to the mainland and then renting them out in the next few years.
This means some of those condos are still in good shape.
But if you are planning on moving to Vancouver, that will change.
The average price of a new condo sold in B-Coast has climbed to $1.7 million from $1 million just last year.
Porter said many people are waiting for their first purchase.
If you are looking to buy a condo, here are a few things to consider: The B.L.O.C.-issued B-Composite is still the most common type of condo in Vancouver.
There are about 4,400 new condominiums under construction in the city.
The median price of an average B-COMP is $1,071,900.
The average price for a new condo in Vancouver is $2.6 million.
All new condos in B and C-Coasts are on the market for more than $1-million.
While there are plenty of condos in Vancouver now, there is still plenty more to go.
CREA estimates there are about 10,000 new condos and condos on the horizon in the B.S. region.
According to CREA, the Vancouver market is growing at a much faster rate than the rest of B.