A survey conducted by a polling firm from the Montreal Bank indicated that there is a reduction in the number of return buyers (those who already own homes) who opt to purchase condos for sale in Vancouver BC. Despite this fact, condominiums are still the most dominant kind of property being sold in the Vancouver real estate market. Pollara for BMO, a firm that conducts polls, indicated in its findings that within the next half a decade, 1/3 of the total number of potential home buyers will be looking to purchase condos throughout Canada.
Unlike a previous survey conducted by the same polling company, the number of buyers who prefer condos has decreased from 33% to 28%. On the other hand, the figures in Toronto increased to 31% from 20% according to a survey conducted by the same firm. According to a personal banking manager from the Montreal Bank, this trend clearly shows that more homeowners are considering buying condos for sale in Vancouver BC than in the previous months and years. Although more potential buyers intend to purchase homes that are detached, the number of actual sales closed are still on the lower end.
The number of prospective investors and buyers considering the Vancouver real estate increased to 58% from 53%; that of the whole nation is at 48%. Low interest rates on mortgages and the increased confidence in the real estate market of Vancouver are some great factors that contribute to the slight rise in buyers intending to purchase Vancouver Condos for sale. However, an individual buyer’s ability to afford a condo and their established budget play a great role in the decision process of whether to buy a home that is detached or a condo.
It is important to note that although the Vancouver real estate market has gotten back on track for the last couple of months, the demand for condominiums is still much lower than other kinds of properties. For instance, detached homes for sale rose by 20% while that of apartments was only 4.1% that translates to 1,068 units of apartments since 2012. The property costs of condos in Vancouver have also increased by about 2.2% which is slightly lower than the costs twelve months ago by 1.9%. However, the cost of detached homes rose by 15% even though the prices are still low by 4.3%.
Although the markets for apartments for sale are active, those for condos are way less active. According to the survey, the majority of buyers who prefer to buy condominiums are at least fifty years of age unlike their counterparts.
