You can go to the beach and take a dip in the pool and a gilded condo is all it takes to get yourself an affordable waterfront home.
The Vancouver real estate market is one of the hottest in Canada and one of Vancouver’s largest cities, with the average price of a home increasing by almost 50 per cent over the last decade, according to the Toronto Real Estate Board.
For that reason, buyers looking for a place to live in Vancouver are now increasingly finding condos, single-family homes, townhomes, laneway homes and townhalls available for sale.
Many of these new condos are being offered for a bargain price.
At the same time, many of the new listings are being advertised for properties that are no longer under construction, and some have listed their units for sale at significantly reduced prices.
“You’re going to get a condo, you’re going a lot lower,” said Kevin Beaumont, who owns a building in Richmond Hill, a suburb of Vancouver.
Beaumont said he is now getting a “great deal” on a unit in a condo complex on Burrard Inlet that he plans to buy next year.
He says he will be saving about $500 a month on his mortgage, plus an additional $100 a month in rent.
Beamton said he also plans to purchase a second condo in the area and hopes to be able to rent out his home for $1,500 a year.
But other prospective buyers are finding it harder to find a deal.
“It’s been very difficult to find people who are willing to spend $500 or $600 on a condo because they’re just not going to pay more than $2,000,” said Beaumon.
“I’m looking at condos now that cost me $800 a month, and I can’t afford that anymore.”
Vancouver’s real estate agent told CBC News the city’s real prices have dropped by nearly 50 per the last 10 years.
But some buyers are getting frustrated with the current market, and many are considering moving back to their hometowns.
“A lot of people are coming back from Vancouver,” said David Ehrlich, vice president of real estate at the B.C. real estate firm KPMG.
“It’s a bit like the Canadian version of a hurricane.
It’s like you need to come home.”