There were a few interesting articles in the sun this weekend about the Vancouver housing market: The first article action urged for affordable housing talks about the cost of renting in vancouver and the squeeze put on older low cost rental stock as it is converted into condos for sale. The second article is one from last friday and is titled developers face threat of oversupply.
Over the last four months sales have dropped and listing have risen prompting some to ask if we’ve reached a tipping point in the Vancouver real estate market. With thousands of new condo units to be finished in the next couple of years, sales levels dropping off and low levels of immigration to the Lower Mainland are we in danger of being over-supplied in the condo market?
If current rental rates are putting the squeeze on renters, but still can’t cover the average mortgage cost on a equivelent unit, what happens to rent prices? What happens to sale prices?
Silver lining: Sounds like its about time for everyone in Vancouver to get a healthy pay raise! Go let your employer know!