In 2001 a 500 sq.ft, one bedroom condo in KITSILANO sold for $159,000 and today, a similar sized condo in KITSILANO sells for $549,000.
If you are purchasing a condo today, one wonders--what will the future hold for condo prices in 2018 and is buying a condo in Vancouver still a good investment? Land is scarce, labour wages are increasing, population growth, global economies, longevity among Canadians all contribute to rising prices, not to mention that shelter is a basic necessity. For 2018, unless labour is replaced by inexpensive robots and we start building cities on water (ocean) and on land gradients (mountaints), then prices will continue to increase. If you have always rented, you know that every year, your rent increases, while mortgage payments eventually decrease over time.
If you want to find out more about home buying, attend one of our home buying seminars scheduled throughout the year. Go to my website at www.vancouverfirsttimehomebuyer.ca or attend our free home buying seminar for the latest market trends and statistics, mortgage information & more.
Email me for real estate updates or TEXT me at email@example.com or (604) 764-6873