The Vancouver Real estate market is always changing and new trends start to emerge all the time. Here are 3 that are starting to form in the downtown Vancouver market.
Condo units that don’t have a dedicated parking space with the unit.
Many millennials are bypassing the car, taking the $500 to $700 a month they would spend on the car and rolling it into the purchase or the rental of a downtown unit.
Unit’s are getting smaller. This is the last bullet that developers have to get the cost of home ownership down for 1st time buyers. Interest rates have only one way to go from here and that’s up!
If you are working in the downtown core every day and commuting 1 1/2 to 2 hours roundtrip then I’m seeing more people choosing to live closer to the city in condos as opposed to buying a detached home in far out suburbs like Langley. Developers are now starting to build larger units 3 and even 4 bedroom condos to accommodate this demographic. So developers are building smaller units at the bottom end (first time buyer) and larger units at the top end (buyers with Kids)
Finally here is a link to a recent article in Money Sense magazine on the cost of living in the suburbs and commuting into the city vs buying a home in the city. It makes for interesting reading.