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A few reasons why people would take that Burnaby condo in an older building:
- The strata corporation could be a candidate for a buy-out in the medium to long-term, depending on the density of neighbouring parcels
- With interest rates the way they are, that 50-100K difference could mean a lot for buyers who are at the limit of affordability
- Construction and build quality 30-40 years ago is arguably better, despite improvements in building efficiency in modern buildings. There's no guarantee that a building that is 3-5 years old will not see significant issues in the next 10 years, whereas a building that has survived 40 years will likely survive another 40, particularly if it's a concrete building.
- To be frank, there are many people who will never set foot in Richmond, let alone live there. It's sort of like how certain people would rather live in Langley Township, rather than in Surrey, or Port Moody rather than in Coquitlam.
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