Condominiums for rent have become a popular source of revenue for Vancouver’s condo owners.
But a recent report from the Real Estate Board of Greater Vancouver shows they are now being sold to the highest bidder.
The report says the average price for a condominium is $1.3 million, with some units selling for more than $1 million.
The number of units in the top 100 sales in Vancouver has more than doubled in the past two years.
In a statement to CBC News, Real Estate BC said its new report found condominiums are selling at higher prices than ever before.
“It’s also worth noting that many of the highest-priced condominium units in Vancouver are being purchased by foreign buyers,” the statement said.
Condominiums sell for an average of $1,931,000 a home, up from $873,000 last year.
For the first time in the real estate market, foreign buyers are buying condos for an above-average average price, the report says.
There are also more foreign buyers in the condominium market than ever.
Last year, the average number of condominium sales in the Greater Vancouver area was 6,567.
In 2016, it was 10,903.
This is up from 2,823 in 2015.
In 2014, the number of condos was just 5,922.
A condo for sale in Vancouver’s South Granville neighbourhood.
(Google Maps)The condo market is also expected to see an increase in the number and size of new units in 2016, the new report says, due to a new buyer coming into the market.
More than 1,000 condominium suites were sold in the first half of 2016, up 10 per cent from the same period last year, according to the report.
The average price of a condo unit in the South Granite district of Vancouver has nearly doubled in two years, from $1M to $1L, the realtor said.
“I think there are more and more condos available for sale,” he said.
The report also found the number, size and market share of the condos listed for sale has decreased in the last five years, but that demand remains high.
“In terms of condo sales in 2017, condominium rental sales are down 11 per cent compared to 2016, but condo sales are up 26 per cent in the condo market over the same time period,” the report said.
In 2017, the condos for sale were more likely to be purchased by international buyers, according the report, with the highest percentage of new listings being in the U.S., Japan and Germany.
Vancouver’s condo market has become a hot topic in the news this year, with condo owners and politicians trying to rally around their community.
On April 29, Vancouver Mayor Gregor Robertson, who was previously mayor, took to Twitter to condemn the “crap” condominium business model and to demand that developers stop selling units to foreign buyers.
He also asked developers to stop building condos in the downtown core.
The condo industry, meanwhile, has rallied in recent months.
The city recently announced plans to redevelop the downtown area into a new mixed-use development.