What are the top 3 property types you will find in British Columbia

There are many different forms of properties in the world anywhere from a bungalow to a castle. In British Columbia these are the three main types of properties you will find;

Condominiums

A condominium is also known as a condo, is a privately owned resistance within a larger building or complex. Since a condo is the larger structure, as one of the owners you will have a shared common space thus you need to pay strata fees. The Government of British Columbia defines strata as condos, duplexes, townhouses, fractional vacation properties — even single — family homes in bare land strata corporations (“strata subdivisions”).

Additionally, commercial strata include restaurants, retail space, hotels, parking lots, offices, stables, and marinas. In fact, contrary to what many may think it is not the size or type of buildings that make a strata corporation is the legal nature of it. Being a part of strata means a monthly strata fee must be paid by the owner. How is your monthly strata fee calculated?

According to MLA Canada, Strata fees differ from each area and building so it is difficult to compare your strata fees with others, as they depend on a variety of reason s from management to amenities such as a concierge or a pool. Primarily in Metro Vancouver strata fees range from approximately $0.20/square foot to around $0.60/square foot, with an average strata fee of $0.37/square foot.

According to The Real Estate Board of Greater Vancouver sales for condos in British Columbia in 2020 were:

Townhouses

A townhouse is defined by 3 more or more conjoined units each individually owned. It is not “free-standing” as it is connected to another in a row, and is usually two to three stories tall. Townhouses will have strata fees as well.

According to The Real Estate Board of Greater Vancouver sales for townhouses in British Columbia in 2020 were:

Detached Houses

A detached home is also known as a “single-family” home is a stand-alone residential structure that does not share any walls with any other house. The average for a two-story house in British Columbia is $1.67 million.

According to The Real Estate Board of Greater Vancouver sales for detached houses in British Columbia in 2020 were:

This data shows that condominiums have been the most popular bought property in British Columbia in 2020, with 14,058 sold. The reasons why this is can vary from generally condos being cheaper than townhouses and single-family homes thus more of a demographic can afford them, in addition, condos are a great investment as the renters market is always on an incline in British Columbia.

Moving into 2021, I would say that we should expect that condominiums, townhouses and detached homes all increase in value and increase in units sold. Once you find your dream condo, townhouse or single-family house, come to WiiBid get approved and make your dream a reality!