CondoAdvisory Blog

RBC has come out with an interesting report indicating that although prices have started to come down in the lower Mainland, it still costs almost twice as much to own here as other places in the country. The one exception seems to be condo which are at about 70% higher than other places.

Now 70% is still significant obviously, but what they are saying is other types of housing is still unaffordable for most and if you take actual prices into account of course condos are lower in price than other types of housing. As such condos are the only type of property many buyers can afford.

This does not mean we will not see prices of condos come down more, in fact I am sure we will, but the good news for condo owners is that looks like the demand for condos will remain better than other types of housing so maybe you will see less of a hit than others. Only time will tell and there is still the issue of all the new developments completing leading to an over supply.

To read the RBC report , click “RBC says B.C. housing market in full-blown correction mode”