Category Archives: BC

What do falling rents mean for the condo market?

Southseacompany posted a few stories about our changing market and dropping rents as some people move away from city cores.

“People are leaving the cores of major cities, including Vancouver, and that has led to some rent drops.”

“The average monthly rent in Vancouver in October for a two-bedroom apartment was the highest in Canada at $2,712, but it was an eight per cent drop from a year earlier, the steepest fall in B.C.”

CMHC: Pandemic will affect housing market until 2022

They expect a 25% drop in some regions:

Canada’s national housing agency says the number of new homes being built and sold will remain below the levels they were at before COVID-19 until 2022 at least, and prices won’t get back to where they were for another two years either.

In a special report, the Canada Mortgage and Housing Corporation said Wednesday that the COVID-19 pandemic will lead to a “historic recession in 2020,” which will lead to “significant falls in indicators of the housing market.”

Just like the flu, but more so!

Friday Free-for-all! May 22nd, 2020

Happy Friday!

Spam filter seems to be back on track, so that’s good news.

Let’s do our end of the week news round up and open topic discussion, here are a few recent links to kick off the chat:

Downturn in sales expected to last for years
Who will buy the new supply?
Falling rents pose a big risk
Inflation turns negative
Ready to go back to school?
Deferral cliff could see 18% house price drop

So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!