The average price of a condo was $313,500 (Vancouver)
The average price of a condo in Vancouver for Protected content $313,500
As you read this statement you may be thinking that I have lost it and my real estate business is cloud 9.
That's what I thought about the following information I received a few weeks ago at an office sales meeting. We were all given the transcripts to read from a recent event in the city featuring the well known real estate marketing guru Bob Rennie.
His company spends a lot of money and time gathering key information about the markets in the Vancouver Mainland, understanding the complexities of the micro markets that exist here. So much invaluable information about the city came to light of which I will be relaying over the next few weeks.
The condo price issue was most interesting. It seems that when you take out the top 20% of high end sales that do include prices in the millions, Vancouver is a lot more affordable then you think. Statistics and averages nearly always bundle sales into one collective that include the multi million dollar market, and it is no wonder that it skews the numbers, giving us all the impression that we are living in one of the most unaffordable cities in the world. However I am not hugely surprised at this realisation but it is nice to see a truly established firm back it up with in depth research.
Having come from England, I was trying to imagine if the same blanket averages were applied to property prices in places like London or Leeds. With all the middle eastern oil money invested in property there, no one, even with a great income, would be able to live within a ten mile radius. This is why it is so important for any organisation publishing property statistics to take this into account.
I am not for one moment saying that Vancouver is bargain bin central. Like any desirable city that is evolving as quickly as here, there are housing issues that need to be addressed so as to remain an inclusive place to live with a vibrant economy and community. But if you allow yourself to be more open minded, flexible, realistic and don't mind a bit of a commute, you may find a great place well within your budget. I have done just that and found a great Protected content place in a seven year old concrete building at SFU on Burnaby Mountain. It has great transport that is earmarked for some exciting developments and takes about forty minutes to get down town.
Think of all the books you could read, radio shows (I love CBC radio 1), smart phone TV and video games you could enjoy along the way. Many people around the world do this without much complaint. And with all the current and future developments happening here in the mainland next to transport, it is something to definitely think about. Why pay through the nose for a shoe box and feel pessimistic about the available choices. You may also want to lower your glossy expectations filled with granite, chrome and hardwood finishes straight from House and Homes magazine. Vancouver is great, BC is beautiful and there is so much waiting out there, you just have to allow yourself to explore!