As either a potential condo-buyer or current condo-owner in the Metro-Vancouver area, it makes sense that one major thing on your mind is whether or not condos are selling at the moment?

While condo sales may have taken a bit of a dip this past June as compared to the previous June, the answer to this burning question is YES.

Perhaps this dip did have something to do with the foreign buyers tax and this is the reason behind the slower condo sales in this area this passed June. That said, however, condos remain in high demand at rates that are previously unheard of in Vancouver.

Now that we are already well into the fall and December is soon approaching is, once again you may be wondering . . . how do these condo sales compare to how they sat at the beginning of the summer months?

The answer to this question would also be YES, as condominiums at this point in time, are in higher demand compared to other types of residential options. If you look at this in terms of supply and demand, which condo living can more easily and more briskly support, this can be a reason for these dwellings taking the lead when it comes to residential sales.

Prior to June, homes, including detached and attached appeared to be the top dog when it came to the frequency of sales, however the condo market has moved ahead with more accelerated sales this fall.

For example, the average price of condo sales have recently been revealed to be as high as $635,800, a price that has jumped a total of almost 22% from the previous year. Alternatively, while the median sale price for detached homes in Vancouver sold for values closer to $1.6 million range, the increase in year to year sales only rose in comparison by 2.9%.

Furthermore, If held up against lower mainland Vancouver prices, increases for both condo and detached homes were lower with less increases being seen from the previous year as well.

Condo-flipping is also a current trend in the Metro-Vancouver area and therefore, perhaps another justification for the higher rate of condo sales this fall. Condo living might also present urban residents with more perks than detached or townhouse living arrangements that may align more naturally with their ongoing lifestyle needs.

Regardless of the reasons however why condo sales are soaring, condos in Vancouver have been experiencing a more rapid transfer of ownership than seen in the previous year. In fact, approximately 1400 condos alone were sold as recent as this fall.

Now that we are in November- almost December even, one reality remains evident, condominium sales continue to rage across the Metro-Vancouver area. As you contemplate either the purchase or sale of a condo in this region, you can consider these figures as you decide if the current condo market may present you with an exciting home ownership opportunity.