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1. What is the average price of a condo, townhome, or single-family home in Vancouver?

Prices fluctuate based on market conditions, location, and property type. As of early 2024, the average price is approximately:

Condos: $750,000 - $1.2M
Townhomes: $1.1M - $1.8M
Detached homes: $2M+
Prices vary significantly by neighborhood, so it’s best to consult a local market report or Realtor for up-to-date data.

2. Which neighborhoods offer the best value for first-time buyers?

More affordable neighborhoods for first-time buyers include East Vancouver (Mount Pleasant, Fraser, and Hastings-Sunrise) and some areas of Burnaby and New Westminster. If you prefer downtown living, consider smaller condos in Yaletown, Olympic Village, or Gastown.

 
3. What are the property transfer tax and other closing costs in Vancouver?

Homebuyers in Vancouver should budget for the following:

Property Transfer Tax (PTT):1% on the first $200,000
2% on the portion between $200,000 and $2M
3% on amounts over $2M
Additional 2% on amounts over $3M (if applicable)
Legal fees: $1,000 - $2,500

Home inspection: $400 - $700
Mortgage insurance (if applicable)
First-time buyers may qualify for PTT exemptions on homes under $500,000.

 
4. Is it better to buy a presale or a resale property?

Presale Properties Allow you to secure a home at today’s price with a deposit, but completion can take years, and prices may fluctuate.
Resale Properties are available immediately and often come with a history of the building’s performance and strata regulations.
Presales can be a great investment, but they require long-term commitment and financial planning.

 
5. How competitive is the Vancouver real estate market right now?

Vancouver is highly competitive, especially for condos and townhomes in desirable areas. Multiple offers and bidding wars are common. Buyers should:

Get pre-approved for a mortgage
Work with a local Realtor
Be prepared to act quickly on listings
Market conditions fluctuate, so staying informed is key.

 
6. What should I know about strata fees and bylaws for condos?

Strata fees cover maintenance, insurance, amenities, and sometimes utilities. Fees range from $300 to $1,000+ per month, depending on the building.
Strata bylaws may include rules on rentals, pets, renovations, and short-term stays (e.g., Airbnb restrictions).
Always review strata documents, depreciation reports, and meeting minutes before buying a condo.

 
7. How do mortgage rules and stress tests affect my buying power?

The Canadian mortgage stress test requires buyers to qualify at a rate higher than their actual mortgage rate to ensure affordability. Lenders