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Vancouver is One Hot Housing Market—Can a Yaletown Condo Beat the Heat?

 

Despite recent economic downturns in other parts of the country, the cost of owning a detached, single-family home in Vancouver continues to rise. More and more prospective homeowners are looking at Vancouver condos as an alternative route to homeownership in this flourishing city. As home prices Vancouver continues to rise, luxurious condos in Yaletown and Vancouver downtown condos are an increasingly attractive alternative for many of Vancouver’s up and coming residents.

How Hot is It?

According to recent statistics, it now costs nearly 120% of a household’s median annual income to purchase a stand-alone house in Vancouver. Royal Bank of Canada, in its 2016 first quarter RBC Housing Affordability Fact Sheet, refers to Vancouver’s 25% year-over-year housing price surge as “epic.” Housing prices for single-family homes in Vancouver have reached such extreme heights that in June Prime Minister Justin Trudeau hosted experts at a Roundtable on Affordable Housing to discuss the situation.

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Detached Homes are Boiling Over

In its 2016 first quarter Housing Trends and Affordability Report, RBC announced an 87.6% aggregate affordability rating for detached, single-family homes in Vancouver. This means that the total cost of owning a home in Vancouver—including mortgage payments, taxes, and utilities—would consume over 87% of a typical family’s monthly pre-tax income.

Kerry Gold, writing about the housing roundtable and citing data from Landcor, reports that the average price for a detached house sold in Vancouver is now nearly $3 million. Other reports place the average sale price at a mere $1.4 million. While these figures would seem to indicate that incomes in Vancouver are robust, home ownership is still not for the faint of heart or light of wallet.

 

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From Real Estate Board of Greater Vancouver

 

Prices for Vancouver Condos Stay on Simmer

The burgeoning prices of detached single-family homes in Vancouver have put them out of reach for many hopeful homeowners and made them unattractive to investors and lenders. Fortunately, Vancouver condo and apartment prices, while still moving up, have not increased at the same alarming rates. Craig Wright, RBC’s Chief Economist, stated in a recent news release that the2016 first quarter housing affordability rating for Vancouver’s condo apartment market is 46%—a figure that aligns with housing costs in much of the rest of Canada. The same article that reports average detached home prices in the $3 million range indicates that the average condo in Vancouver may be purchased for just under $750,000.

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From Real Estate Board of Greater Vancouver

Find a Condo That’s Just Right in Yaletown

Even as the Vancouver housing market tightens, purchasing a condominium in Vancouver remains an option for those who are ready to stop renting. Instead of having to move far away from the city center, those seeking to own a home can enjoy all the benefits of living in a close-knit community by purchasing a Yaletown condo. Yaletown high-end condos are a perfect way to buy a home sans the extra maintenance and commute time associated with owning a single-family home. Yaletown and downtown Vancouver condos are available with a number of attractive features that make them just right for buyers of all types. Before the market gets any hotter, isn’t it time to find the one that suits you?

 

 

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The Developing Real Estate Market in Vancouver

With the growing trends of industrialization and globalization, all the major sectors have seen a rapid growth. People are always in search for something bigger and better. They move from one place to another for better opportunities.  This process of relocation has proved to be a blessing for the real estate market.

As people are switching places due to various reasons, the demand for homes is also increasing. Finding a home in an unknown place is not an enjoyable task. Thus to help the newly arrived population the real estate agents step in.

Any newcomer to a city looks for a homely but affordable place to live. The most suitable option in such a case is a condominium. They are the best combination of an ideal home with a reasonable price.

Vancouver is one place that has witnessed the rise of Condominiums. While the immigrants have contributed in increasing the profit of the real estate business, the locals have shown an increased demand for residential accommodations.

If you are moving to the south-east part of Downtown Vancouver then there is no better place for you than the Yaletown Condos. Surrounded by the False Creek, Yaletown has a pleasing view to offer to its residents.

The real estate market in Yaletown has seen an increase in residential property sales as compared to last year. This increase in profit can be attributed to the factors like globalization and industrialization. As people are becoming aware of the advantages of the real estate market they are investing in it more.

The Yaletown real estate has a wide range of condos with beautiful views of the False Creek and the English Bay. These condos are available at reasonable prices and have various facilities to offer. With the ocean view being a major attraction, Yaletown condos has attracted many buyers.

The major reasons this part of Vancouver has been successful in increasing its number of buyers are:

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In compare to the overpriced detached single family home, condos are relatively affordable.

Yaletown not only offers a perfect market for buyers but it also provides the sellers a great platform to enlist their properties. The previous month saw a rise in property sales which is expected to continue further. Though the property prices are rising, the number of buyers is increasing along with it. This is due to the impact of foreign investments.

With more economic stability, people are readily investing in real estate. The number of foreign investors is also increasing as an outcome of technology. Thus, the real estate market in Vancouver is going through a period of constant growth which has established a seller’s market here.

Yaletown has emerged as the best option for both buyers and sellers. With its oceanside condos at affordable prices, Yaletown offers the accommodation each person desires. Vancouver real estate completely satisfies both its buyers and sellers with its value for money condominiums and high quality services.

New Developments in Yaletown

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The Arc

89 Nelson Street, Vancouver, Vancouver, BC