Friday, February 16, 2018

Looking for a new condo for half a million? Forget Vancouver

New real estate figures that compare what $500,000 can buy in newly built condos in cities across Canada turned up nothing in the city of Vancouver.
The Altus Group survey said that buyers would have to go to a nearby city, such as Burnaby, to find projects offering one-bedroom units below a half-million.
Consumers with a half-million-dollar budget, the survey found, can find better value in smaller markets such as Calgary, Edmonton and Kitchener than larger centres such as Toronto.
In Vancouver, there were no newly built condos for $500,000 or less in 2017, the survey found.
For that same price, however, a buyer could find two-bedroom units over 1,000 sq. ft. near downtown Kitchener, or two-bedroom units between 850 and 1,000 sq. ft. in highrise buildings in desirable areas near the Kitchener core.
In the Toronto market, the survey found buyers could only purchase about 430 sq. ft., or approximately half the space of the other markets.
Vancouver, meanwhile, had a decline in overall unit sales in 2017, thanks to a drop in new condominium supply. The company says Vancouver sales are not a reflection of demand, which remains strong.
Matthew Boukall, senior director at Altus Group, says strong demand in Vancouver and Calgary is expected to push new condominium sales higher provided a broader range of affordable product can be brought to market.

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