Dropping prices on condos are being blamed for pulling down home costs in Vancouver.
..because what could be worse than more affordable housing?
Prices on all housing types are falling with forecast for more price drops, Royal LePage is forecasting a 3% drop overall in 2013 but the largest drops so far are being seen in the condo market, which have fallen 3.6%.
“Buyers are waiting for that big decrease to happen but I think if they’re going to keep waiting for that, chances are they aren’t going to see it,” said Todd Talbot, realtor and host of W Network’s Love It or List It Vancouver.
That’s because industry experts say some sellers aren’t interested in making significant price reductions, and are taking their homes off the market.
“They don’t have to sell,” said Brendon Ogmundson, an economist with the BC Real Estate Association.
“You don’t find a lot of extra listings unless people need to sell quickly because of some financial catastrophe, and that simply isn’t in the cards, so what we’re going to see is normal demand and supply dynamics.”
Now I’m curious – what’s you best guess. Does the BCREA economist really believe that prices are set by people taking their property off the market, or by the properties that are sold?