Condo investors worried about the future pool of buyers may take heart from a new poll suggesting that Vancouverites are willing to take the plunge…and soon.
While most home-buyers would prefer to get their hands on a detached home, rising prices and limited supply are pushing their dreams out of reach.
However, that is good news for some investors as a majority of potential buyers say they would turn to the condo market for their future residential needs.
According to a recent survey almost 30 per cent of Vancouver buyers say they would consider condos.
Almost 60 per cent of the 1,080 surveyed who are likely to purchase a home in the next two years say they would look for a detached house.
And despite all of the doom and gloom in the market, a majority of the survey respondents believe conditions are currently favourable to buy property, while most believe the overall state of the province’s economy is good.
However, not everyone is as positive. One in five believe the province’s real estate market is weaker compared to one year ago.
Interestingly, more Vancouverites rank long-term investment value as they motivation for buying, followed by affordability/availability with 26 per cent driven by the desire to own their own home.