CONDOS and TOWNHOMES are what’s hot!
Vancouver’s real estate market is going through reverse cycle with attached home (condos and townhomes) prices rising faster than detached homes. This is largely due to empty nesters downsizing and the affordability these homes offer to new home buyers. Across the Lower Mainland, the areas that reflect the biggest rates of increase are Coquitlam with 10.1 percent, followed by Vancouver East with 9.5 percent and Richmond with a 9 percent increase.
In its April release, the Real Estate Board of Greater Vancouver states that so far this year, sales for condos and townhomes have accounted for 68.5 percent of residential sales. This trend is up from last year which accounted for only 58.2 percent.