Rennie said there were about 19,000 condo sales in Metro Vancouver in 2011, and that while the average price for 80 per cent of those condos was $315,000, the overall average price was $427,000, which required an income of $66,000 to finance.
Rennie noted that proximity to transit is paramount for today’s homebuyer.
“In the ’70s and ’80s it was location, location, location. In the ’90s through mid-’2000s, it was timing, timing, timing. And from here forward, it’s transit, transit, transit.”
