Did you know you can buy condos in Vancouver for under $250,000 ?
The place to look is New Westminster, a short ride on the Skytrain to Downtown Vancouver. Despite a “benchmark” price of a typical condominium at $304,000 in May, according to the Real Estate Board of Greater Vancouver, I found 78 condos under $250,000. (You can even find a handful under $200,000 as well).
It is a buyers’ market right now and a good time to be checking out a lot of potential deals. The rental vacancy rate in each of these markets is tight, around 1%, according to CMHC. So for rental investors, New West may be worth a look.Condos in the $150,000 price range may best be avoided.
Most of these are in three leaky condo buildings. (Eg: low-rise 312 Carnarvon – $1.5-$2 million in repairs needed – realtor’s estimate) and two high-rises on Agnes St. (assessments to $100,000 per suite for repairs).But there are renovated older New West condo buildings (watch for listings on Ginger Street) that offer decent value in the $200,000 range.
Posted by: bruce
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Fairview and Westside Home Search
