How about that condo life? Are they back in vogue or is the rental side taking over the scene? Well I did some digging into the data and Condos might just be cool again. We are selling about 40 units a month in Vancouver and that is about 10% of the local sales. The median price for Condos is trailing the overall median by about a hundred grand. But with most condos having association dues, that mean buyers are paying about the same monthly payment for the median condo as they are for the median home.
With the waterfront apartment buildings coming online right now and more on the way, and the under construction units in the new Kirkland Tower on the waterfront, a little action in the market bodes well. A fair bit of condo activity is happening in that critical $500k - $1M area that will help pave the way for more units on the new waterfront.