Exerpts from "What's Affordable in New Condos?"
Affordable High Rise
So what's affordable in new high rise condos? What can a couple looking for a two-bedroom condo in a new high rise project expect to pay? The average two-bedroom condo in a new high rise project that started marketing in 2011 in Metro Vancouver had a sticker price of $534,467 plus HST. For that price, buyers got an 884 square foot unit. But this figure varies greatly by market area.
Except for the North Shore and South Surrey- White Rock, the average price of a two-bedroom high rise condo in the suburban markets ranges between $350,000 and $500,000.
Affordable Low Rise
The average two-bedroom condo in a low rise project that started marketing in 2011 offered 886 square feet for an average price of $384,089 plus HST. This is almost $150,000 less than the average price for a new two-bedroom high rise unit. But if our couple looking for a two-bedroom unit shops around , they can get an even better price.
Average prices for new two-bedroom low rise condos available in 2011 ranged from $214,000 in Langley City to $394,000 in Central Richmond. City of Vancouver, the North Shore and Tsawwassen prices were all over $400,000. The most affordable new low rise condos are, of course, in the outer north east and south east suburban markets. Average prices in these markets are generally under $300,000. Closer in, buyers can expect to pay between $300,000 and $400,000.
Affordable Townhomes
Very few new apartment projects offer three-bedroom units and rarely ever at a price that could be considered affordable. Families looking for affordable new housing in Metro Vancouver are basically limited to townhomes. The average price, excluding HST, for a three-bedroom townhome unit in projects that started marketing in 2011 was $432,956. The average size in these townhomes is 1,433 square feet.
The most affordable new townhome product in 2011 was found in Langley, Maple Ridge and North Surrey. Average prices in these markets ranged from $324,000 to $352,000.
Condo/Townhouse Price Calculator here
