A rise in condo prices in the Greater Vancouver area is causing a slump for the rest of the market — namely those who own detached homes.
A new Royal LePage survey said that the affordability gap between the two is shrinking, and people are making the most of it.
Real Estate Advisor Adil Dinani said most people are entering the market by purchasing condos, which he said is driving the price of the most affordable type of housing even higher.
READ MORE: Home sales down in Metro Vancouver
“Now what’s happened, because it’s been such a strong performing asset, there’s a lot of secondary buyers and investors who are also getting into the market and essentially pushing the market higher.”
Dinani said those choosing to do it that way make a large profit when they do sell their condo down the line — making it more affordable for them to jump to the next tier of housing.
The affordable housing crisis in Metro Vancouver has continued to push people eastward and beyond when looking for a home.