“Owners looking to downsize have an amazing opportunity right now,” said Dane Eitel, lead analyst at Eitel Insights, which tracks the residential market. “This is the first instance in four years where the price of an average detached house has reached over two and a half times the value of the average condo.

“For an example, a [mortgage-free] owner of a Vancouver East house could sell their property for on average for $1.82 Million. The average one-bedroom condo in the West End is selling for $533,694. That implies the sale of a single detached house would enable you to buy three one-bedroom condos in the West End,” he explained.

Eitel estimates that the average price of a West End condo is now down 21 per cent from peak price in the neighbourhood, set in June 2018.

Written by: WI Staff, Western Investor

Link to full article: https://www.westerninvestor.com/news/british-columbia/early-february-numbers-show-condo-buyers-back-1.24282890

— One-bedroom condo on Pacific Avenue, West End, recently listed at $523,000. REW.ca/Oakwyn Realty