In today’s video, I’m diving into the current downtown Vancouver condo market, specifically focusing on entry-level one-bedroom units in popular neighborhoods like Yaletown and False Creek. Many of my first-time buyer clients are earning six-figure salaries, typically qualifying for properties in the $650K to $750K range. However, most of them prefer to stay within a more manageable budget of $625K to $650K. At this price point, they might need to consider older condos that could require some renovations, as newer, move-in-ready units are priced significantly higher.

The challenge here is that new condo inventory in these areas is quite limited. Most of the recent developments have been luxury projects or purpose-built rentals—neither of which are really affordable options for first-time buyers. Despite these limitations, I do believe buying a condo now in these neighborhoods is still a smart investment. Prices have remained relatively flat over the past few years, but I think we’re overdue for an uptick, especially as the city recovers post-pandemic and with a new mayor in office.

The shift away from building stratified condos in favor of purpose-built rentals is certainly putting pressure on the market. We're simply not seeing the same volume of new stratified condo projects that we used to, and this could mean higher prices down the road.

In fact, when looking at the trends, it's not unreasonable to expect one-bedroom condos in these high-demand neighborhoods, like False Creek, to eventually hit the $1 million mark. I’m already seeing larger one-bedroom units with dens in the mid-$800Ks, and that price point is likely to keep rising.

If you're thinking about getting into the downtown Vancouver market, even if you’re looking at a more modest unit, it could be a solid investment in the long run.

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