Updated February 23, 2024

Condos for Sale in Coquitlam | Best Tips for Buying a Condo in 2024

Are you thinking about becoming a homeowner in Coquitlam, British Columbia? That makes perfect sense as the real estate market is vibrant and versatile.

The sixth-biggest city in the province has a lot to offer, especially if you're considering a condo instead of a house.

The lower price tag and even lower maintenance costs associated with condos are among the many upsides. Fortunately, the real estate market is filled with condos for sale in Coquitlam.

Here’s everything you need to know about the prices, as well as what to consider when searching for the ideal Coquitlam condo for your needs.

Is Coquitlam a Good Place to Live?

Before we present some vital tips for buying a condo in Coquitlam, let's discuss whether this city is a good place to live in 2024.

This city comprises multicultural demographics and predominately small families and offers genuinely great outdoor activity options – it has over 90km of bike and hike trails.

For nature lovers, it’s one of the best cities to live in. At its heart, there's the Town Centre Park, which offers countless recreational activities.

But, most importantly, Coquitlam has a sense of community found in smaller towns while not compromising any of the urban amenities.

Prices of Condos for Sale in Coquitlam

Like many real estate markets in British Columbia, Coquitlam housing and condo prices have risen over the past few years and are seeing another rise after a slight dip. That’s unsurprising, as this has been the trend since 2018.

Millennial buyers, in particular, have been flocking to the area in search of houses and condos. Many are first-time buyers confident of investing in a condo instead of a house.

If you're looking for condos for sale in Coquitlam, these are the current prices:

• 1-bedroom condo – $569,000
• 2-bedroom condo – $774,000
• 3-bedroom condo – $949,000

Compared to the prices a year ago, we're looking at an increase of over 10%, which is significant.

However, the demand slowed down this winter. For example, from mid-January to mid-February, the number of condos sold in Coquitlam was 78.

Things to Consider When Buying a Condo in 2024

It's essential to know what to pay attention to so you can purchase a fantastic condo in Coquitlam. Here are several crucial tips to keep in mind when browsing condos for sale in Coquitlam.

Building’s Strata Insurance

First and foremost, ensure you’ve asked about premiums and deductibles associated with the property. Strata insurance is essential for buildings as it covers accidental damage, theft, and other legal liabilities.

During 2019 and 2020, the strata insurance fees skyrocketed, even up to 30% for some buildings. Therefore, one of the most important things to do is see the strata insurance certificate and pay attention to the renewal date.

Choose a Realtor With Experience in Condos

It’s crucial to work with a real estate agent that has your best interests in mind. If your heart is set on a condo in Coquitlam, that means hiring someone who has valuable experience.

For example, someone who has a track record with condos in Coquitlam will know a lot about building developments in the area in general.

They'll also tell you more about community finance issues and talk to you about building infrastructure problems if there are any.

Decide on the Type of Amenities You Need

Modern condos for sale in Coquitlam usually offer a wide range of amenities. However, not all will have exactly what you or your family needs.

Don’t hesitate to talk to your realtor to address these issues. When buying a condo, you’re also buying access to specific amenities.

For example, if you want a gym in your building, be sure to point it out.

Learn About the Condo Board

Shared ownership is at the core of condo buildings. That means a condo board manages them. This is a group of elected owners that make the decisions regarding the building.

When you're shopping for a condo, you can't address the board directly. However, you can review the minutes from board meetings.

Scanning these documents will give you an idea of how things work in the building. It will also tell you if there are any notable red flags.

For example, are the repairs always postponed? That's something you can learn from the minutes of the meetings.

Check Out the Property Management Company

The building upkeep is fundamental, and you have the right to know about the company in charge of this task.

Ensuring that the building is well-maintained provides more enjoyable daily living, and it ensures the property value doesn't decrease over time.

Ask who’s in charge of the day-to-day operations and how they handle direct requests from building residents.

Find the Best Condo in Coquitlam and Enjoy the City

Coquitlam residents have a lot going for them, including the climate, outdoor activities, SkyTrain access, art galleries, restaurants, and so much more.

They also have a booming housing market and many brand-new condos ready for sale.

Prices might be on the rise, but that's because Coquitlam is thriving, and many people want to benefit from this positive change.

If you're looking for condos for sale in Coquitlam, keep the tips we’ve discussed in mind. They can make all the difference.

Don't hesitate to call me for the latest information about condos for sale in Coquitlam, I will work to answer any questions you may have. 

Updated February 23, 2024

Burnaby Heights Homes for Sale: Buying Tips   

Burnaby Heights, also referred to as “The Heights” or “Vancouver Heights,” is a family-oriented residential neighborhood located in North Burnaby.

Within walking distance, you’ll find stunning views, history, and a thriving business district.

In addition, easy access to other cities and great schools in a sustainable and emerging city makes it an ideal location for real estate investors.

In this article, I’ll look at the current state of Burnaby Heights homes for sale, including tips on what to consider and whether the property you want to buy will be financially viable for you.

Burnaby Heights Homes for Sale

The majority of properties for sale in Burnaby Heights are detached houses and townhouses, though the number of condos/apartments is increasing.

Burnaby Heights Homes for Sale Buying Tips

There is a lot that goes into buying a home. From where you buy it to who you deal with, and how it gets inspected, there is a lot of responsibility. Here are some tips to ease your mind when considering a home in Burnaby Heights. 

Buy With Your Target Tenants in Mind

Your property could have tenants as a mortgage helper.

When checking out properties in Burnaby Heights, it's better to avoid purchasing based on your taste.

With buy-to-let investments, carry out some research into the type of people who rent properties in the different parts of Burnaby Heights, what attracts them, and what they expect.

Look for the Best Deals

Keep an eye out for the cheaper properties in Burnaby Heights. The less you spend on buying a property, the higher your returns will be.

Focus on properties like condos/apartments when in line with your target tenant.

Consider Investment Potential

Your most important consideration should be finding a property to generate returns aligned with your cash flow targets.

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Calculate Your Margins

To meet your passive income targets, you’ll need to determine the type of returns it should generate.

A goal of 10% return is ideal; factor in an estimate of annual maintenance costs at 1% of the property value.

Consider all the additional costs that will reduce your rental income, including homeowners’ insurance and property taxes.

In addition, monthly expenses such as regular landscape maintenance and costs for repairs should also be considered.

Ensure You’re Prepared for Unexpected Expenses

When owning property, the potential for something to go wrong in an emergency – burst water pipes in the kitchen, for example – is always likely.

In preparation for such unwelcome surprises, consider setting aside 20%-30% of your rental income to cover these types of repairs.

Compare Properties of Interest With Other Rentals

A great way to establish whether your investment will yield the returns you want is to determine what properties are being rented in the surrounding area.

To verify this, you can look at online real estate platforms. Once you’ve found the property you want to purchase, consider seeking advice from a Burnaby Heights-based realtor like Adriano Valente about rentals in the area for comparison with your estimates.

Burnaby Heights Homes for Sale: Finding the Right Investment

Burnaby Heights or “Vancouver Heights” is an ideal place for a thriving business in real estate.

This location creates a happy place for the communities living there with its liveliness, peaceful scenic views, leading education, and easy access to other major cities.

When purchasing your investment property in Burnaby Heights, you should consider balancing how much money you want to make and how your goals can be achieved through the right property and tenants.

Hopefully this article has helped guide you in your search for the best properties for your real estate venture in Burnaby Heights.

I wish you the best of luck in achieving your investment goals. Call me anytime for the latest information on Burnaby Heights Real Estate, I'm happy to help.