With most of the buildings lifiing their exisitng age restrictions, the popualr question that i have been getting is what will happen to the market value of my property if the building decides to turn into a 55+ complex.  

At this time frame, i'd like to look at a couple of recent data from 2 buildings: Queens Gate which is on General Currie and Sharon Manor on Granville, which are the only 2 55+ buildings in the richmonda Area.
1. The last sale in Sharon Manor in 8 days.  Keep in mind that this was in the middle of may on the top of the market. 
2. The first of 2 recent sales in Queens Gate sold in only 3 days. Also, this recent sale was at the end of Sepetember, where there were already signs of being a buyers market.
3. The second sale in Queens Gate sold in 8 days. That was in the middle of november. 

With the basic semantics of supply and demand, it does show that there is a very good demand for 55+ buildings in the richmond area.  

Im not speculating that properties will go down or hold its value if a building converts to a 55+ complex, but i dont foresse any kind of burning death to the market value if it was to convert to a 55+ complex.

Also, keep in mind that this infomraiton is only in the Richmond Area.  In other areas such as White Rock and Langley where there are more adult buildings including 35+, and 45+ buildings, which can easily be converted to a 55+ building as oppsed to a 19+ building, so the data will vary in these areas.  

Hope this helps! 

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