Why Buyers Choose Suburbs Over Urban Living

Young families and even some single buyers are now looking towards the outskirts of Vancouver for permanent residences. What gives? Sales through real estate boards are showing an increase in condos home sales in Burnaby, New Westminster and in the west side of Vancouver. Condos are simply more approachable for certain budget types and it seems as though those budgets are quickly becoming the determining factor in Vancouver Real Estate.
The numbers coming out of the MLS and the lower Mainland Real Estate companies look slightly bleak for in city sales of detached homes. According to these numbers, realtors saw over 2, 641 home sales in the city during the month of March. Although this may sound good to the unsuspecting ear, the Real Estate Board of Vancouver exclaim that these numbers are down a whopping 17 percent from the previous 10 year trend of March home sales.
Condo sales are the numbers that real estate agents are currently looking at, for they determine where the most money is being spent and where they should focus more on their selling points. As mentioned before, Burnaby and the West side of Vancouver are seeing a tremendous shift in home sales. In March alone the sales of condo units outpaced detached homes within the region and thereby generated concern from many agents.
Townhouses are the real concern, however. According to the newest numbers released for the month of March, Metro Vancouver saw a decrease in townhouse sales of three percent from last year with only 432 homes selling during the time period. Ironically, townhouse prices have actually increased by nearly 1.5 percent which could possibly account for the shift in purchases.
Contrasting the home purchases made within the city of Vancouver is the number of detached homes and townhouses purchased in the valley areas. Numbers released now show that MLS listings cleared over 1,250 sales which denotes an increase in over 12 percent from the same month and region of a year ago. Of these 1,200 sales over 58 percent of them were detached home sales. That percentage increased from the last year by 3 percent itself.
It seems as though there is some correlation between the prices of condos, detached homes, and townhouses that is creating this anomaly for Vancouver real estate. The price of detached homes has remained high even slightly increasing, while the price of both townhouses and condos has fallen by half a percentage point. Whatever the case the facts remain the same, more home sales are taking place on the outskirts of Vancouver than in its city centre. Only time will tell how long the trend lasts.

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