Buying a condo in Vancouver is tough due to the current real estate climate.
Property is moving fast and prices are rising. Closing the deal in a reasonable time frame takes a great realtor, swift action, and knowledge of the current real estate market.
According to WOW.ca, there were a total of 2,310 transactions for condos in the area during March 2022, although that is down from the mid-pandemic boom of March 2021 which was 2,697 transactions. Compare that to 2019, when 1053 condos were sold and you can see how fast the market is moving.
Condos are changing hands faster than ever, which might lead the average buyer to wonder how long it will take them to find and secure a condo that suits all their needs.
Vancouver is a Seller’s Market
The current average price for a condo in Vancouver is $835,500. With prices skyrocketing, demand high, and condo stocks low, it is officially a seller’s market.
If you’re looking for the right condominiums for sale, you’ll need to set up a listing alert. Whether you set this up via Google or one of the numerous listing websites, getting that notification fast is key.
Acting quickly will shorten your wait time when trying to buy a condo in Vancouver.
But how do you action your plans quickly?
How to Communicate and Action Plans
When looking to buy condos in Vancouver, communication is the key to success. Bad communication will throw a spanner in the works, and opportunities will be missed.
At David Crawford, we ensure that we’re always contactable, and we communicate clearly and effectively at every step so you’re never confused about the process.
Also, we have an extensive portfolio of condos for sale, already.
Additionally, the condo market has been more forgiving compared to the detached home market in the region. There is more condo stock available and prices are lower than detached homes.
Your realtor should also provide you with a solid strategy of what needs to happen when you view a condo you want to buy.
Part of this planning should be organising your mortgage pre-qualification.
Get Finances in Order
As mentioned, the current benchmark price for a condo in Vancouver is high.
Most will need to ensure that they have gone to their bank, credit union, or mortgage company to confirm they will issue the capital.
If, for any reason, you have an issue with income, employment, or credit scores, it can take time to correct these problems.
But if you’ve got the green light from your financing institution, you can get a pre-approval in writing, which will be valid for between 60 – 120 days.
This is ample time when you’re actively looking to purchase a condo.
An important element to remember when seeking out a new condo in Vancouver is that depending on where you’re looking, prices can differ dramatically.
Location, Location, Location
According to the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board, you can still pick up a condo in East Vancouver for around $696,200.
This sub-market has bucked the trend by losing value, year-on-year. This is great if you’re looking to snap up a condo with history, situated in a neighbourhood that’s oozing charm.
While the price of condos in East Vancouver is fairly low compared to other areas, the change in benchmark prices over the last 10 years in the neighbourhood has increased by 110%.
So, even with the momentary dip, you will get your money’s worth if you decide to sell your condo in the future.
While it’s good to have all your financial ducks in a row, there’s still a need to do more research.
Knowledge is Key
As you’d expect, developers in the region are hopping on the bandwagon of providing new condo options.
Before deciding to put in an offer, make sure you know who the developer is, body corporate expectations, community rules, what shared amenities are available, and whether you’ll have the opportunity to upgrade your condo.
Also vital is finding out how much work the condo needs. We’d highly recommend finding the best realtor vancouver to source an expert inspector.
Another route to consider is to ask the current neighbours what maintenance they’ve had to conduct in the last 24 months.
And there is one last step to ensuring you pick a condo that’s exactly what you want.
Buy a Vancouver Condo You Want
It may seem like an obvious statement, but write down a list of all the boxes you want your condo to tick.
We’d suggest listing the following:
- Square footage
- Location to public services (transport)
- Proximity to attractions
- Amenities in complex
- Views from location
- Condo extras
- And outside spaces
Be warned that Vancouver generally charges lower taxes for low-rise buildings as opposed to high-rise buildings.
Older buildings will require more maintenance, and remember to keep an eye on utility rates.
So, how long does it take to find the best condo in Vancouver?
How Long Does It Take To Find The Best Condo in Vancouver?
According to Vancouver, Real Estate Trends report, properties between the value of $500k – $750k are generally on the market for 10 days.
And asking prices are being met nearly 100% of the time, so prepare yourself to experience your offer being rejected a few times.
Rejected offers will automatically put stress on your timings, but if you sharpen up your knowledge, get your finances in order, and put competitive offers on condos you really want, you should be able to find your home in no time.
If you’re working alongside a professional you can be sure to shorten this time. Because agents like us have been selling property for decades, and have all the expertise you will need.
Hire David Crawford to Assist in Finding Your Dream Condo in Vancouver
Vancouver is home to many realtors, which is not surprising. But you need real estate agents with experience and insights into the market.
David Crawford has been an agent in the Vancouver metro area for 30 years and lives in the downtown area.
Over those years he has developed strong connections with specialists associated with the industry, such as inspectors and mortgage brokers.
And as you’d expect as a local and experienced agent, we can guarantee you’ll find the exact condo you’re looking for in Vancouver in a timely fashion.
Contact David Crawford to start your search today.