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. Real estate market ran out of steam and sales took a dive in April, 2008. Within a year condo prices dropped around 18%, and condos sale was down as much as 40% compared to the previous year.
Should You Buy Now?
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 when you work and live in Downtown Vancouver. Click here to view homes for sale in Downtown Vancouver.
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.
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.