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If you want to buy a home in Vancouver, you’re going to pay top dollar. But that dollar goes farther when you eliminate single detached homes from your search and concentrate on the condo market. And, Vancouver condos have lots to offer families. Ten per cent of current condo listings are for properties with three or more bedrooms – that’s over 100 homes to choose from including seven four-bedroom units and two five-bedrooms.
The median selling price for a detached home on the West Side last month was $3.5 million. Compare that to the median listing price for the area’s three-bedroom condos (many of which are in brand-new or yet-to-be-constructed buildings): $2.1 million. On the East Side the numbers look even better. There, the median cost of a detached home in January was just under $1.5 million whereas the median listing price of three-bedroom condos (many of which, again, are brand new) is $564,450.
Three of this East Side neighbourhood’s 19 active condo listings have three bedrooms and they are all in buildings now under construction in the up and coming River District. As the name says, this community runs along the river below Marine Drive and all three listings will have great views as well as access to building amenities. Prices aren’t cheap. They range from $1,299,900 in Polygon’s Rhythm tower to $1,299,900 in WesGroup’s Town Centre complex.
A three-bedroom in that same Town Centre complex sold in early February. It spent 10 days on the market and went for its asking price of $959,900.
This south Vancouver neighbourhood has 31 active condo listings, only one of which has three bedrooms. It’s a home in MC2 which was completed last month and is on the market for $615,000. The building is just steps from a Canada Line SkyTrain station and retail shops, and has an exercise room and a children’s play area.
A three-bedroom penthouse at the nearby Park & Metro complex recently sold for its list price of $1,888,800. The owner will move in sometime in 2017 when the building is complete.