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unicas
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Most Vancouver condo buyers prefer a house

Wed May 11, 2011 11:20 pm

Most Vancouverites who recently purchased or plan to buy a condo say they'd prefer a house if they had more money.

That's the finding of the TD Canada Trust Condo Poll, which found that 64 per cent of Vancouverites, versus 46 per cent of Canadians, cited affordability of condos is a big attraction.

That was also true for respondents nationally under 35, with 62 per cent liking the affordability of condos, versus 46 per cent of other age groups.

According to the poll, which was released Tuesday, Vancouverites were also more likely than those surveyed in other cities to consider buying a condo with a friend to make it more affordable.

However, condos are also more likely to be seen by Vancouver residents as a stepping stone, with many planning to move up to a house in the future.

According to the survey, half of Vancouver respondents expect to live in their condo for three years or less (18 per cent) or four to six years (32 per cent).

Nationally, 22 per cent of those under 35 said they don't plan to spend more than three years in a condo, while 45 per cent plan to move after four to six years.

However, it was a different story with those over 50, who say condos fit into their plans to downsize their home. As well, 31 per cent of those over 50 nationally said they don't plan to move again from their condo and 53 per cent plan to spend more than $10,000 on upgrades (compared to just 15 per cent under 35).

"Moving to a smaller, less expensive home can free up money to allow pre-retirees to make some upgrades and enjoy a bit more luxury in their space," Barry Rathburn, TD Canada Trust's manager, residential mortgages, said in a statement.

"It's especially important for those who are selling their home to downsize as part of their retirement strategy to make a budget for any upgrades and stick to it."

The poll found that 98 per cent of Vancouver residents named good building security as the most important feature to look for in a condominium.

As well, 96 per cent said low condo fees was the second most popular feature, with 84 per cent saying they would not pay more than $400 a month n condo fees.

Energy efficient buildings also ranked high.

The online survey of 806 people in Vancouver, Calgary, Toronto and Montreal was conducted from March 25 to April 11 by Environics Research Group.

Respondents had either bought a condo in the past 24 months, intend to buy a condo in the next 24 months, or considered a condo when shopping for a home.

http://www.vancouversun.com/Most+Vancou ... z1M7aS9GCc
 
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jesse1
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Re: Most Vancouver condo buyers prefer a house

Thu May 12, 2011 5:18 am

In other news, people want more.

Read ETB's monicker.
 
gse36
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Re: Most Vancouver condo buyers prefer a house

Thu May 12, 2011 7:17 am

whats in the next issue? "Most Vancouver home owners would prefer no mortgage"?

i guess lack of news these days
 
eyesthebye
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Re: Most Vancouver condo buyers prefer a house

Thu May 12, 2011 7:28 am

whats in the next issue? "Most Vancouver home owners would prefer no mortgage"?

i guess lack of news these days
According to bears no-one wants the hassle of owning a detached home and prefer the convenience of a condo. Thus, this news is a shocking revelation
the cure for higher prices is moving to a destination with lower prices
 
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instigator
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Re: Most Vancouver condo buyers prefer a house

Thu May 12, 2011 8:30 am

a 2 bed condo would probably be enough space for me but i'm the opposite and i don't like the hassles associated with a condo. ie, shared building and strata fees. it's called freedom. you have to buy it these days....

as well my dirtbikes and other toys don't fit too well in condos. townhouse maybe but that's just another ordeal i don't need
 
thirdlittlepig
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Re: Most Vancouver condo buyers prefer a house

Thu May 12, 2011 11:32 am

I personally would not like a condo arrangement, far too confining. But I can see one big advantage for aging baby boomers (aside from not having to maintain a home and yard), your grown kids can't come back to live indefinitely with you, store all their stuff with you,or pop in and out for exteneded vacation time, as if you were a hotel!
 
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Marco911
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Re: Most Vancouver condo buyers prefer a house

Sun May 15, 2011 8:56 am

Doesn't that go against another article recently that said people would rather live in a condo because they don't want the work of a home?

Talk about stating the obvious. I want to see the comments from those that piped up to say I was wrong when I mentioned it was price, not
personal choice.
 
eyesthebye
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Re: Most Vancouver condo buyers prefer a house

Sun May 15, 2011 9:24 am

Doesn't that go against another article recently that said people would rather live in a condo because they don't want the work of a home?

Talk about stating the obvious. I want to see the comments from those that piped up to say I was wrong when I mentioned it was price, not
personal choice.
who said what?
by eyesthebye » Sat Jan 08, 2011 9:10 am

still doesn't explain why a friend just bought a condo at $455 sqft at Fraser/30th while I paid $300 sqft for my house a few blocks away, on a quiet street, and got the remaining 4500 sqft of land thrown in for free. The majority reason for a condo choice is not lifestyle, it's price.
So maybe one of the bears or condo bulls can explain why a condo is priced so much higher than detached with zero land (???).
the cure for higher prices is moving to a destination with lower prices
 
curious
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Re: Most Vancouver condo buyers prefer a house

Sun May 15, 2011 12:37 pm

I like new modern condos more than Vancouver houses.
Most houses are not comfortable and look not so pretty, they need a lot of work, don't have a view, are not centrally located. Living in a house is not convenient and time consuming.
 
vanreal
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Re: Most Vancouver condo buyers prefer a house

Sun May 15, 2011 2:46 pm

I like new modern condos more than Vancouver houses.
Most houses are not comfortable and look not so pretty, they need a lot of work, don't have a view, are not centrally located. Living in a house is not convenient and time consuming.
I would say these comments are an overgeneralization.
 
eyesthebye
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Re: Most Vancouver condo buyers prefer a house

Sun May 15, 2011 4:51 pm

I like new modern condos more than Vancouver houses.
Most houses are not comfortable and look not so pretty, they need a lot of work, don't have a view, are not centrally located. Living in a house is not convenient and time consuming.
I don't think condos are "pretty", in fact, I think they're butt ugly (except Grace). "centrally located" is code for "close to Vancouver's drug and sex trade, traffic, noise and filth". As far as comfort goes, if you find living in a shoebox sized apartment with no sunlight from three sides of your home comfortable you're the easiest guy to please I've ever heard of.
Last edited by eyesthebye on Mon May 16, 2011 7:17 am, edited 1 time in total.
the cure for higher prices is moving to a destination with lower prices
 
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Marco911
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Re: Most Vancouver condo buyers prefer a house

Sun May 15, 2011 10:16 pm

still doesn't explain why a friend just bought a condo at $455 sqft at Fraser/30th while I paid $300 sqft for my house a few blocks away, on a quiet street, and got the remaining 4500 sqft of land thrown in for free. The majority reason for a condo choice is not lifestyle, it's price.
So maybe one of the bears or condo bulls can explain why a condo is priced so much higher than detached with zero land (???).
It's not about price per sq/ft all the time. Sometimes it's about total price.

The guy down the street from me in Vancouver has a home for $500 per sq/ft when condos not too far away are selling for more. The problem, is that the house is 14,000 sq.ft.

$7 million vs. $1 million. Ironically, the $7 million place is better value. The problem is that it's not easy to come up with that much cash. Prices usually drop when you buy in volume.
 
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Marco911
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Re: Most Vancouver condo buyers prefer a house

Sun May 15, 2011 10:23 pm

I like new modern condos more than Vancouver houses.
Most houses are not comfortable and look not so pretty, they need a lot of work, don't have a view, are not centrally located. Living in a house is not convenient and time consuming.
I actually agree with this. Most houses pretty much have no privacy anyway so what's the point of having the house? A lot of the homes are over a million bucks but look like shit too. That said, I think for those that could afford what they want - MOST people would rather have a home. In Vancouver, that is just such a high number it's hard to say if it's worth it or not.

I loved my condo back in the day when I was younger but couldn't imagine having it now. Many people would rather live in a small space that has the flash of granite, glass and steel over an older home with green carpets.
 
eyesthebye
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Re: Most Vancouver condo buyers prefer a house

Mon May 16, 2011 7:22 am

still doesn't explain why a friend just bought a condo at $455 sqft at Fraser/30th while I paid $300 sqft for my house a few blocks away, on a quiet street, and got the remaining 4500 sqft of land thrown in for free. The majority reason for a condo choice is not lifestyle, it's price.
So maybe one of the bears or condo bulls can explain why a condo is priced so much higher than detached with zero land (???).
It's not about price per sq/ft all the time. Sometimes it's about total price.

The guy down the street from me in Vancouver has a home for $500 per sq/ft when condos not too far away are selling for more. The problem, is that the house is 14,000 sq.ft.

$7 million vs. $1 million. Ironically, the $7 million place is better value. The problem is that it's not easy to come up with that much cash. Prices usually drop when you buy in volume.
yes, I understand this. I was referring to the dipshits who bought condos at 600K when they could have chosen to buy a home with land for same amount of $. Then they whine about not being able to afford a larger home with land when they begin raising children.
the cure for higher prices is moving to a destination with lower prices
 
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jesse1
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Re: Most Vancouver condo buyers prefer a house

Mon May 16, 2011 8:03 am

Then they whine about not being able to afford a larger home with land when they begin raising children.
People whining? Never!
And they're the same ones that whine when the downstairs tenant smokes weed when the kids are getting ready for bed, and probably the same ones that whine when their assessment increases 20% and think that's the sole reason their property tax increased. Want a tenant-free yard in the city? Go to medical school, get born to rich parents, or buy 10 years ago. Otherwise pull up your stakes and move.

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