Affordability is the big issue in the Vancouver housing market -- and no wonder. House prices for detached homes have doubled since 2002, and with fixer-upper bungalows in Vancouver East going for over half a million dollars, home buyers looking for a detached house within the city limits may have to rethink their options.
While detached house prices in Vancouver have gone nuts, Vancouver condo prices have not kept pace. In fact, they're still a relative bargain for first-time home buyers and downsizers, and their value is likely to increase, according to Deb Abbey, writing in the Vancouver Courier.
Downsize while condos remain relatively cheap
Deb Abbey, Contributing Writer, The Vancouver Courier
I know that the benchmark price for a detached house in Greater Vancouver has increased by almost 25 per cent in the past year, but really, it's a buyers' market.
On the East Side, benchmark prices have increased by a modest 15.7 per cent to $841,509. Condos, bargains that they are, have only risen between 4.7 per cent on the East Side and 5.8 per cent on the West Side...
Downsize while condos remain relatively cheap
Deb Abbey, Contributing Writer, The Vancouver Courier
I know that the benchmark price for a detached house in Greater Vancouver has increased by almost 25 per cent in the past year, but really, it's a buyers' market.
On the East Side, benchmark prices have increased by a modest 15.7 per cent to $841,509. Condos, bargains that they are, have only risen between 4.7 per cent on the East Side and 5.8 per cent on the West Side...
