May is traditionally a very busy time for Vancouver real estate, and this year was no exception. Although reports of a looming bubble threatened to dampen spring real estate, interest in investing in residential real estate remained bullish.

But the big news this season is the pricing and sales of single-family detached homes. For the first time, the benchmark average price passed the $700,000 mark. To many, this means handing over more than 60% of household income to pay for a private west coast dwelling.

Not surprisingly, many Vancouver residents are opting for a more affordable alternative – condo living. An Ipsos Reid survey conducted for TD Bank found that Vancouverites are nearly 15% more likely to consider buying a condo than those in any other region of Canada. Half of all respondents in the Greater Vancouver area said they would consider buying a condo as their primary residence. The survey also included Calgary, Toronto, Montreal, and Halifax

In terms of the amount of those surveyed who said they would be willing to pay for a condominium space, 13% of west coasters said they would spend between $400,000 and $600,000 for a condo, while only 7% of Torontonians said they would pay that much.

Interestingly enough, younger families just starting out are attracted to the ease and affordability of condo living. Added amenities and proximity to the CBD are a big draw for younger married couples with and without children. The survey found that 34% of homeowners would consider raising a family in a condo. This number was up 6% over last year.

Regards - Paul Isaacs

Phone: 604.921.1188   Cell: 604.250.1333   Email: paulisaacs@shaw.ca

Your West Vancouver Real Estate Specialist for over 30 years!