Condo buyers are faced with the question whether this is the right time to buy a downtown Vancouver condo. What is certain is that prices have definitely come down. While selling prices are expected to continue to decline, it is difficult to know when will condo prices hit the bottom. If you feel comfortable buying, you can then commit yourself to look for the condo you like.

Up until the spring of 2008, the demand for Vancouver condos remained strong. Condos in downtown Vancouver continued making price gains through 2007 and the first 3 months of 2008. Since then, the real estate market ran out of steam and sales took a dive in April, 2008. Demand for condos in downtown Vancouver dropped significantly in April, 2008 and continued into May and June, 2008. By July and August, condo sales were down as much as 40% compared with the previous year.

Prices Are Dropping

The condo market in downtown Vancouver is now in a buyer's market. Prices are now trending down and there are many great buying opportunities for condo buyers. Many sellers have reduced their asking prices. Recent sales of 1 bedroom and 2 bedroom condos were found to be down by as much as 10% to 15% as compared to similar units sold at the end of last year.

Should You Buy Now?

You should position yourself to make a quick move if and when you can seize a great deal. If you missed the opportunity to buy in 2006 or 2007, you should get yourself ready to jump at some great buying opportunities. For many buyers, the attraction in of Downtown Vancouver is the proximity to all the interesting events and activities only Vancouver City can offer. If you work in Vancouver City, this may be your chance to get into the market as you can buy your condo at a reasonable price now.

Why Commute When You Can Live In Downtown Vancouver?

Commuting from Richmond or Burnaby to downtown Vancouver will take over 30 minutes daily - Monday to Friday. The time spent commuting, or if you own your car... the cost of gas, maintenance, parking and financing add up quickly. You can ditch owning a car and use the money for your mortgage and live a lifestyle you compromised for owning a car.

Although Burnaby and Richmond are good alternatives for most condo owners, why go for the second best if you can afford the best. You do have the option now with so many great buying opportunities around downtown Vancouver.

A Second Look At Living In Downtown Vancouver

Condos in Burnaby and Richmond offer amenities like storage lockers and parking stalls. These amenities may have to be scarified in exchange for living in downtown Vancouver. When you compare the selling prices, condos in Richmond and Burnaby are not much cheaper than those in Downtown Vancouver.

Paying around $500 a sq ft for condos in the City of Vancouver is doable. When the pros and cons of living in downtown Vancouver City is compared with other metro Vancouver cities like Burnaby and Richmond, it makes sense to live in downtown Vancouver.

Higher Rental Rates In Downtown Vancouver

The attractiveness of Downtown Vancouver can be illustrated by comparing rental cost - rental in downtown for a new d1 bedroom is around $1600 to $1,900. For similar condos in Burnaby and Richmond, the rental is between $1,400 to $1,500. So for about the same price, you a getting a better deal buying in Vancouver City.

There are some very attractively priced resale new condos available for sale at Spectrum Towers, near to GM Place Stadium. Click here to read the story about the Spectrum project.

For more information on buying a 1 bedroom or 1 bedroom + den condo at Spectrum at prices from $295,000 to $350,000, kindly contact James Wong at 604-721-4817 or send me an email.