Condominiums appear to be the residence of choice for first-time home buyers in B.C.
According to a report by Genworth Financial Canada, they're twice as likely to buy a condo compared with first-time buyers elsewhere in Canada. Low-rise condos were preferred slightly more than highrise buildings.
The high cost of housing in B.C. is one of the main reasons condos are preferred. According to a recent RBC report, B.C. is one of the least affordable provinces in Canada in which to buy a home.
B.C. homeowners need to dedicate about 67% of their pre-tax income to own a detached bungalow, 71% for a two-storey home, 50% for a standard townhouse, but only 36% for a standard condo.