More Vancouver condos aren’t stopping buyers from looking at suburbs
Posted October 7, 2015 9:36 am.
Last Updated October 9, 2015 12:08 am.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – Condo towers continue to pop up in Downtown Vancouver but the demise of the suburbs that some had predicted was apparently a little premature.
A new study out from PricewaterhouseCoopers is predicting the opposite.
The North-America-wide study says the next year will see a throng of people moving to the suburbs because the cost of buying a home in urban centres is cost prohibitive.
The study says, as Canada’s most expensive city, Vancouver will be no different.
It notes the average home price in Canada’s most expensive city is just over $$920,000 predicted for 2016.
It says a push for greenspace means less room to develop near the city centres, which equals higher housing costs, and that’s not likely to change.
The study looked at trends across North America and found many people were fed up with only being able to rent in the city, thus predicting the push to buy further away from urban centres and pouring cold water on previous predictions of suburban shrinkage.
But the PWC study does say a growing senior population will create more demand for high-end urban rentals, as a sort in-between of home ownership and retirement homes.
