No! Say it isn’t so!
I go out innocently looking for news of a bright and shiny future in the vancouver condo market and instead I am most rudely confronted with this:
The Greater Vancouver condominium market may be at an inflection point in the real estate cycle. One result could be an over-supply and/or over-priced product in many markets. There appears to be a very real risk of over supply beyond the forecast demand given the escalating market prices in some new condo submarkets in Greater Vancouver.
That bit of news from the PricewaterhouseCoopers (PwC) June 2006 issue of the Greater Vancouver Condominium Market Review release today. The news release is here.
Who are these PricewaterhouseCoopers anyways, and how can they SAY that?! It not supposed to happen here! Vancouver is different!