Well this place is called HouseHuntVictoria, and quite fittingly very little attention has been paid to the condo market over the years. Personally we were never seriously looking at condos so it was not a big focus of mine. In a down market, I saw no point in buying a condo as a stepping stone to a house. Another issue is that most new condos don’t go through the VREB system so the sales numbers we have access to don’t actually reflect the complete condo market.
However with the recent run-up in single family home prices, condos deserve a second look to see if there is value in a market that has not yet been swept up in the insanity.
Given that we are in a solid uptrend, I think we can retire our “Decline From Peak” charts for the time being. Here a final version with the peak to trough drops in Victoria for single family homes, townhouses, and condos.
Only to be immediately recycled as the increase from trough graph…
As we can tell, re-sale condos (and townhouses) haven’t appreciated nearly as much as SFHs, and are still below the peaks of 2008 and 2010. However with inventory pressures being as they are, this might change very soon. If we look at the last time the market picked up after a long stagnation (in 2000), we can see there was a delay between when single family homes started appreciating and when condos picked up.
What do you think? Is there still an opportunity in condos or is that last month’s news? How many people even care about condos? Do you want more attention paid to condo stats on HHV? Let me know in the comments.
What do you think about condos?
- If I must. Not thrilled but may be an option given house prices. (37%, 36 Votes)
- Awesome! Modern, environmentally friendly, and no lawn to mow! (30%, 29 Votes)
- Yech. We don't allow those skyboxes here in the uplands. (18%, 17 Votes)
- They're OK. A good stepping stone to a house down the road. (15%, 15 Votes)
Total Voters: 97