It’s a lot of work.
But a recent survey of homeowners in the Vancouver area shows a significant jump in condo owners, as well as a surge in condos being built.
The B.C. Assessment and Program Office has reported that more than 1,600 condos have been built in Metro Vancouver since 2008, but the new census data suggests there’s been an even bigger jump in the number of condo towers than that.
That’s despite the fact that the average condo building height in Metro has been steadily declining since 2007, when it was around 10 storeys.
In recent years, the average height of the condos in Metro is about 15 storeys, and some of those are taller than 40 storeys.
“That said, there’s a big difference between a condo and a single-family home, where the total square footage of each unit is about 3,400 square feet.
For a typical home, that’s less than a bedroom, a bathroom, a kitchen, a living room and a bathroom.”
We are seeing a very rapid increase in the total number of condos being constructed in Metro, with condos having grown by about a third in just three years,” said Brad Dugan, a senior economist with the B.P.E. and a senior vice-president at real estate consultancy RealtyTrac.”
It’s not just a condo-building boom, it’s a condo boom that has accelerated.
“The BPSO reported that the median condo building length in Metro increased from 565 to 685 feet in just one year, with some neighbourhoods jumping by double digits.
And a number of areas in Metro have seen double-digit condo growth, while others have seen only a small jump.”
What we’re seeing is an increase in density and that’s good news for the market,” Dugan said.”
In Vancouver, we see a lot more people in the market.
That’s good for the housing market, because the housing supply is really low.
“The increase in condos in Vancouver is a significant turnaround from the last census in 2005, when the average condominium building height was about 758 feet.
That census, released last month, found that the total median size of a condo in Metro was just under 10,000 square feet, which is about a bedroom and bathroom, and the same as the average home size.”
The fact that condos have grown in Metro really, really helps the market because the demand for condos is increasing and we’re finding that demand is growing at a faster rate than supply,” Dugany said.
For the latest B.T.O. Census figures, visit the bureau’s website .