First Time Homebuyers Spark Bidding War
“Townhouses and condos have become hot sellers, thanks to the low-interest loan program introduced by the BC Government to help first-time homebuyers,” says Ariane Benjamin, realtor at vancouvertownhouse.ca.
While the foreign buyer’s tax put a temporary chill on Vancouver’s hot real estate market, it looks like things could be warming up again—but this time it’s being driven by a different market. Rather than luxury single family homes, it seems anything under $750,000 is moving really quickly, which is great news for people who want to sell townhouses or condos.
Right now, first-time homebuyers are driving the market, and the fastest moving properties seem to be very small condos, which remain the most budget-friendly option in Vancouver. A few examples where bidding wars have already occurred include a 415-square-foot Yaletown studio, a one-bedroom in Coal Harbour, and a two bedroom townhouse in Fairview that respectively went for $24,000, $31,000, and $111,000 above the asking price.
Many first time homebuyers seem to be afraid that a townhouse might be out of their reach price wise. However, there are many excellent new developments in thriving cities like Burnaby or North Vancouver that offer substantial space and convenience just 20 minutes from the downtown core.
“Some of these are older properties with solid construction and good bones,” says Ariane. “With a little elbow grease, they can become terrific homes. There may even be potential to grow the original investment through repair and renovation.”
As a real estate agent that helps people buy and sell townhouses, Ariane says that these properties have retained their value in an uncertain market, and there are ample opportunities for new homeowners who are looking for something below $750,000—the maximum amount borrowable through the province’s new home loan program.
To connect with a real estate agent with over 13 years of dedicated experience in the Vancouver market, call Ariane Benjamin at (604) 779-1500.