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Thursday, March 28, 2024

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

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%.

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Peter Meiszner
Peter Meiszner
Peter Meiszner is an experienced journalist and media relations professional, based in Vancouver. As founder of urbanYVR.com, he has been reporting on urban development across the Lower Mainland since 2016, and has also served as vice-chair of the Gastown Historic Area Planning Committee. In October 2022, he was elected to Vancouver city council and is no longer actively reporting for urbanYVR.

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