Downtown Vancouver condo prices have finally reached an average of around $1000/ square foot. Of course you can buy much, much higher than that for newer properties and view properties, but you won’t find properties for too much lower than that these days.
Well, if $1000 per square foot is the new norm for Vancouver condos, where does the market go from here?
Two schools of thought here;
- You can subscribe to the theory that Vancouver is a bubble real estate market, and that prices are going to crash as the average salaried employee living in the lower mainland can’t afford to buy here. This is a great theory, and it’s not entirely incorrect, but will probably limit your real estate investing success…
- You can wake up and see what’s really going on. Vancouver is now an International Buyer’s market, no different from New York, London, Hong Kong, San Francisco, Singapore Sydney, etc. If you look at any of these markets, you will see that there is PLENTY of room for upward growth. Prices in Hong Kong and other major Chinese cities can easily be $4000-$5000 per square foot, so at $1000 per square foot, Vancouver is a bargain! Keep in mind that $1000 is only $800 in real money (US Dollars.)
What do you think? Is Vancouver overvalued at $1000/ square foot for condos? Contact us here to discuss your options whether buying, selling, or looking to rent out your downtown Vancouver condo.
Aug 27, 2017