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Water view can raise condo price 60 per cent

How much more is a new condo worth if it has a water view?
Up to thousands of dollars more, based on study done of Vancouver condominiums by marketing firm MLA Canada.
The study compared new and resale condominium prices with and without water views. While done for Vancouver, similar U.S. studies have seen comparable results, suggesting that views of Toronto’s Lake Ontario would see similar price gaps.
In the new condominium market, MLA found that a downtown Vancouver pre-sale tower sold its remaining units, all with views of the ocean, for approximately $2,000 per square foot. Similar new condominiums with no water views were pre-selling for approximately $1,500 per square foot.
This translates to a price difference of $350,000 for a typical 700 square foot new condo, MLA noted, based just on a water view.
The study also looked at Vancouver downtown re-sale condos that were less than eight years old and had sold in the last month
Re-sale condos with full water views averaged $1,865 per square foot, but similar resale condos with city views only averaged $1,080 per square foot
“Minimal city views are worth approximately 58 per cent of full water views,” MLA noted, but added that re-sale condos with great skyline or mountain views averaged $1,300 per square foot.
Overall, the study concluded that Vancouver condos with minimal or limited city views will sell for approximately 60 per cent of the value of a home with a view of the water. In downtown Toronto, an analysis by condo.ca found that new lake view condos sold for approximately 22 cent more than non-water view units.

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