Magnet Real Estate: Vancouver 1 Bedroom Condos
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- Опубліковано 7 лют 2025
- In this blog I discuss the unprecedented demand for 1 bedroom units in Downtown Vancouver and why they have driven prices up dramatically over the past 2 years.
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Hi Owen - Love your video blogs! Keep up the good work.
Just wanted to point out a small mathematical error in 5:50 to 6:10: An asset that doubles in price every 15 years is increasing at an annual rate of 2^(1/15) - 1 = 0.047, or 4.7%, not 2% to 3%.
Thanks for that!
These are amazing, i totally got the point you wanted to get across, dont stop!
I agree. Toronto has doubled every 10 yrs.
Hi Owen. I love your video blog. I think it’s great how you present your views in a very clear and insightful manner. Here’s my question is buying a investment property in ones early sixties too late to start. I have no problem with holding for at least 10 years or am I starting too late? Thanks.
Hi P. Glad your enjoying my blogs. With what you have told me so far and the ability to hold for 10 years then i would say no.. it's not too late. People are leading active and healthy lifestyles these days well into there late 70's and early 80's.. so you still have lots of good living to do. My Father was still buying investment properties well into his mid 60's. I would need to know a few things to make a final decision. For instance are you maxing out your RRSP's and TFSA? . How much do you currently have accumulated for retirement. How long do you plan on working etc etc. If your thinking about buying in the Lower Mainland then feel free to give me a call and we can discuss further.
Hi Owen,
If 650K condos can appreciate to 2M in 15 years, what would be the price for super luxury condos like the "BUTTERFLY" launched last month which sold one bedroom condo for 1.5M by Westbank Group.
Also cover Burnaby Metrotown in your analysis which is going thru one of the biggest infrastructure changes under the leadership of the Burnaby Mayor along with Brentwood.
Condo bought in Burnaby Metrotown (2011) for 376K one bedroom condo is selling for 650K and above. Please add Burnaby which I believe is catching with Vancouver Downtown condo prices.
Hi Gopal My conservative rule of thumb is a condo will double every 15 -18 years. (I discuss in much more detail in my book) However it would not be out out the question with the right condo in the right neighbourhood and building to appreciate much better than that. I have many units that are up %50-60% in just the past 3 years however i would not expect this kind of appreciation moving forward.
I have been telling my clients for quite awhile now to avoid pre-sales until further notice . Have done many blogs on this over the years. I feel pre-sales are currently overpriced compared to tangible product that's currently available.
1.5m for a 1 bedroom is too expensive! I see 2 bedroom/ 2 parking unit 1100sq ft fully renovated in a better location in the West End for less. Happy New Year
How could the public trust realtors that there are multiple offers other than hearsay? What options do they have to prove it?
750k for a 13-year-old 1bed now, but 25 years later, the building will be 48 years old, and price goes down as buildings age. just wondering if your double-every-15yr formula accumlate for this?
Justice4x that 750k would be considered a fairly great unit/location. In 25 years, that unit will become scarced due to 25 yrs of population growth and become hard to find. Not sure if prices will go up by 100% but even if that 750k turns to $1 million in 25 years, that means that property appreciated $10k per year. That beats renting imo
Also add in inflation
The building or structure will decrease as it ages but the land value increases. For example if you look at the Assessment on a 35 year old 1 bedroom condo in My Pleasant you will see the structure is worth $70K and the land is $400K. Next year the structure might be $67K and the land $425K When you bring RE it's the dirt that will continue to appreciate even if it's a condo any you only own a % of the land the condo is built on.
that's $1,250 / sq ft - is this the going price for downtown condos?
Actually that's the going price for new units is areas like Mt Pleasant. Most of the new condos getting ready to be pre-sold later this year are going to be starting at $1300-$1400 a sq ft and up with the average price being around $1700sq to $1800. The land has become too expensive in the downtown core to build anything but luxury units from this point on. $2000 plus a sq ft is becoming quite common now for a higher floor units with views.
1.2 million for a 2 bed condo. In Vancouver, where what little work there is pays peanuts. Lol
For people age over 60, shouldn't buy in downtown ?
The 55-65 year old demographic is now one of the largest buyers for downtown condos and for good reason. They sell the large detached home and live the amazing downtown Vancouver lifestyle. Restaurants, Entertainment, walk to everything.
or maybe they buy to park money :-0