First-time buyers: Finding a home you can afford in Greater Vancouver
Tips and tricks for navigating the real estate market from the cast of RealTours Season One.
Entering the property market as a first-time buyer is a daunting task, wherever you are in the world. Here in the red hot Lower Mainland market, daunting task is putting it mildly. Prices are through the roof, properties are in high demand and it’s highly likely you’re going to need to compromise on things like location and space.
Before you get discouraged, pack up and move to Alberta, take a look at some first-time buying tips from the cast of RealTours Season One, expert agents who know Greater Vancouver’s best neighbourhoods.
A skyline of condos.
With a benchmark price for all residential properties in Metro Vancouver currently at $1,168,700, it’s no surprise that many first-time buyers are looking towards condos as a way to get on the property ladder. Condo apartments in the region are averaging around $800,000 - still eye-wateringly expensive but at least below the one million mark.
Luckily, all you need to do is stand on a hill and spin and you’ll see that condo towers are as common in Metro Vancouver as tourists in Gastown on cruise ship day. That said, not all condo towers were created equal and location has a huge impact on price. Sometimes a move to the suburbs is the best (and only) way to find affordability.
To explore what’s on offer for first-time buyers outside of downtown Vancouver, we spoke with a pair of top agents from the cast of RealTours: Doris Gee from Burnaby and Vincent Lim from Richmond.
Burnaby
Vancouver’s original suburb is booming. The city’s policy of adding density around transport hubs has resulted in some of the region’s tallest buildings providing homes for tens of thousands of people.
From Metrotown to Lougheed to the Amazing Brentwood, first-time buyers have a lot of choice. Prices aren’t hugely dissimilar to what you’ll find in Vancouver, but with so many new developments, there are deals to be found.
Burnaby agent Doris Gee says a huge perk for first-time buyers in Burnaby is that so many condos are in close proximity to Skytrain stations, creating easy commuting options without having to live in the hectic downtown core.
“People used to want to be in Vancouver because of work,” she says. “Since we have more options to work from home and go into the office two or three days a week, people don't have to be in Vancouver. So Burnaby is probably a better bet for not having to be in such a busy environment.”
Richmond
With easy access to downtown Vancouver and the city’s airport, Richmond is also a great choice for first-time buyers. Prices here tend to be more affordable than other nearby suburbs with the median price for a smaller condo around $629,000 (about 10% lower than Vancouver and 5.5% lower than Burnaby).
The pre-sale market is hot here, with new developments offering buyers a way on to the property ladder often without the need for a full deposit straight away.
Richmond agent and RealTours cast member Vincent Lim says the diversity of properties on offer is a key reason why people should consider a life under the flight path.
“You have pockets in central Richmond that have very different price points,” he says. “You have homes that are in the $300,000 range and ones that are a million dollars plus.
Information obtained from rew.ca and Aaron Eccles