No new condos under $500,000 in downtown Vancouver: survey

Buyers in Toronto may be able to find a junior one bedroom for half-a-million

Vancouver condo prices 2018
Altus Group took a deeper look into the 2017 figures to compare what buyers with a budget of $500,000 could afford in the downtown areas of the various markets across Canada.

A new survey of condo prices across Canada from Altus Group has some bad news for prospective buyers in downtown Vancouver: there are no new one-bedroom condos for sale under $500,000.

In Toronto, buyers are still able to buy a small one-bedroom condo for under half-a-million in the downtown area, although they would be looking at a unit around 430 sq ft.

But in downtown Vancouver, researchers were unable to find any new condominiums for $500,000 or less. Buyers would need to go to nearby markets like Burnaby or Richmond to find any projects offering one bedrooms near $500,000.

Altus Group says demand in Vancouver remains extremely strong, despite a marked decline in unit sales last year due to a “sharp drop” in new condominium supply.

In Calgary and Edmonton, buyers with a budget of $500,000 can easily find two bedroom units measuring between 800-1,000 sq ft., in concrete highrises.

Toronto was the hottest new condo market in Canada, with a record 36,429 units sold in 2017.

Toronto also saw the largest increase in buying activity across Canada with 7,297 more units sold than the previous year, up by 25%.