Being the largest city in BC, Vancouver also happens to be the biggest city for condos in BC. The real estate market in Vancouver is one of the most sought-after in the world, making it a very important hub for condos. Vancouver also has the most variety of condominiums in BC, from startup low rises to ultra-luxury penthouses.
According to MLS® Home Price Index – Real Estate Board of Greater Vancouver (October 2020), the benchmark price of a Vancouver apartment condo has changed by +55.6% in the last 5 years and is currently $683,500.
Move-In Ready Condos
All New Construction Condos in Vancouver BC
New Condo Developments in Vancouver
From 1-bedroom studios to world class penthouses, the condo market in Vancouver is wildly regarded as one of the most stable in the world. Property pricing in Vancouver has gone up considerably which is why luxury and ultra-luxury new developments are starting to increase in market share.
For almost 20 years, new construction has been very steady in Vancouver. This is due to continuous development, ongoing immigration and just the overall progressive economy. Being one of the most stable real estate markets in the world, Condominiums in Vancouver are also one of the most expensive. This is making it an ideal market for foreign investors. Due to some laws, a lot of investing from international countries came under fire. However, this helped boost the pricing even more thus giving investors substantial and positive ROI.
Although new laws have been placed to protect local buyers, buying a condo in Vancouver is considered one of the most stable and consistent investment in the real estate world today.
Vancouver also seems to have the most diverse types of condominiums. From one-bedroom studio to internationally renowned penthouses. These penthouses are owned by celebrities, business tycoons and politicians which is boosting the market value of Vancouver every year.
New Construction Condos in Vancouver
The demographics of Vancouver also help in creating this high-level condo Market. Most of the people in Vancouver are highly educated, employed in reputed corporate companies at senior levels, and fall in high income group. This make Vancouver a very healthy condo market both as owners and as tenants.
With the large pool of renters to choose from, condo owners can expect to get a very healthy return on investment.
Presale condos in Vancouver
Overall, the condo market in Vancouver is going up by almost 15% every year. As a buyer’s market, Vancouver is still seen as a very profitable venture for home buyers. The demographics of the buyers are different though. Most of them are not local but International buyers. These families are medium sized and are coming in with a net worth of half a million to 3 million dollars.
They have the funds to purchase a home almost immediately which is keeping the mortgage brokers very active as well. Although the local population is mostly using mortgage brokers, foreign property buyers are purchasing condos outright.
The preference is going to 2 bedrooms to 3-bedroom condos with a minimum of 2 bathrooms. Since most buyers have decent sized families or newly married couples, these types of properties are highly valued. The pricing range in Vancouver is the highest in the province and one of the highest in the country.
Preconstruction condos in Vancouver
The average price of a new condo development is easily in the $635,999 to $3 million range. The barrier to entry in the Vancouver real estate condo market is high but the returns are one of the largest, especially within next 5-10 years. The Vancouver condo market is showing absolutely no signs of slowing down and although it’s challenging for the first-time home buyer, condo investors have one of the best markets for long term investments in North America.
Vancouver’s real estate market has been very steady but due to maturity, expect few more waves of growth. Also, investors who might want to diversify, can also look outside of the rapidly developing condo markets as well. The new developments in Vancouver are having a trickledown effect on all the other cities.
Home Price Index for Greater Vancouver BC
According to MLS® Summary – Real Estate Board of Greater Vancouver (October 2020):
- VANCOUVER EAST
The sale of condos/apartments in October 2020 was 174 which was 11.7% less than 197 sales in September 2020, and more than 162 sales in October 2019. The median price in October 2020 was $590,000.
- VANCOUVER WEST
The sale of condos/apartments in October 2020 was 365 which was 3.2% less than 377 sales in September 2020, and more than 363 sales in October 2019. The median price in October 2020 was $760,000.