Vancouver is ranked #8 in the world for the number of hirises, with 641( as of 2012) and a population of 616,000. New York City is ranked first with 5,853. Vancouver condos will be the home of the future as retirees and first time buyers fuel demand and price growth over the coming years, replacing the demand for houses. Affordability will drive the Vancouver condo market.
What Percentage of New Vancouver Housing are Condos?
2011 census shows condos are about half of all new housing stock. The current decrease in Vancouver condo prices will increase affordability from 22% of average household incomes in 2011, to 19% i 2013.
What Will be the Largest Age Group for Vancouver Condos?
The 25-39 group will be the largest, followed by the 40-54 and 55-74. It is expected that the first time buyers will lead the market, then trade up buyers and then Baby Boomers downsizing from the family home.
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