In a survey of condo dwellers, nearly one in five said they were living in an older condominium because it was the only one they could afford.
It’s not just condos either, according to the study, which was conducted by real estate analytics firm CoreLogic.
More than a third of respondents said they had lived in older condos before.
The Globe And Medias view: More condo dweller anxiety The condo market has been plagued by condo market anxiety, especially in Vancouver.
The price of an older condo can be up to 60 per cent more than a comparable condo for the same location.
The average price of a condominium in Metro Vancouver is $1.1 million, according a report by Trulia.
But condos are not the only option for a young adult with a small income.
The most affordable option is to rent a condo, which has an upfront rent of $500 to $700 a month, said Amanda Leach, co-founder of the Toronto-based website, Condo Savvy.
Leach said that means she and her friends could rent a condo for a week or two, then go to a bigger city and get a new condo.
She said the same thing happens when people are looking for a new job.
“The rental market is a little bit more competitive, and we get to know the city a little better, which is great,” Leach said.
But she said the key to avoiding the condo market is finding a safe condo.
“It’s really important to stay in your city and find a place that you can live in and not be worried about getting priced out,” Leacher said.
In Metro Vancouver, many condo owners are looking at how to reduce their rental costs.
In Metro Vancouver in 2016, the average monthly rent was $3,000.
But with condo prices skyrocketing in the city, the cost of renting has gone up by almost $2,000 per month, according, CoreLogo.
Some condo owners say they’re looking at ways to reduce the amount of space they use and how much they rent.
“The more you have, the more you can take, the less you need to take,” said Victoria Reardon, president of The Condo Company, which provides a service to help condo owners find a condo to rent in the Metro Vancouver area.
“If you want to rent something, you have to have a decent space, a place you can sleep in and a place to have the bathroom,” Reardon said.
A condo is a great investment in Vancouver, but for some it’s not an option.
A condo can help you stay in a larger city or live closer to work or school, and it can help your family stay together, according the Globe And Mags view: The condo boom in Metro Toronto.
The condo market in Metro Canada has been booming since the start of the housing bubble in the mid-2000s, fuelled by an influx of foreign buyers.
Condos have been a huge draw for foreign buyers, particularly people from China and India, who want to live and work in the region without moving to the big city.
A study by realtor data company CoreLogics found that the median price of the city’s five most expensive condo towers is up 27 per cent over the past two years, to a median of $1 million.
But that’s still less than a year’s rent for a one-bedroom unit.
And while condos are often cheaper than other options, the study says the median condo rent in Metro is still $1,000 a month.
Many condo owners said they’ve noticed their rents have gone up and they’re worried about their investments.
“They’re starting to think that they’re going to lose their money if they sell,” said Mark Johnson, a Vancouver real estate broker.
Johnson said he’s seeing a lot of investors who are selling their properties.
Johnson said he saw this trend in Vancouver last year.
“I saw a lot more investors buying condos,” Johnson said.
“I’ve seen some of the sellers that I deal with say, ‘We’ve sold our condo, we’re looking to sell,'” said Leach.
Leaching said condo sales in Metro have increased in the last year, and many investors are trying to buy properties, but they’re seeing a price tag they’re not happy with.
“A lot of these investors are getting really worried because they’ve got a lot on the line,” Leaches said.
