It’s getting to be that time of the year again… the air is getting cooler, the leaves are starting to turn and the listing numbers are blooming.
Thanks to paulb for the numbers!
“…..Compared to the rest of the country we are noticing that it’s especially weak, which is quite a turnaround from what we’ve seen over much of the past 10 to 15 years,” Porter said. “It’s quite unusual for Vancouver to stick out.”
Read the full article here.
VCI Favorite Ian Watt says the bubble is deflating in Vancouver, with a correction of 10-15% in Coal Harbor condos so far in the last six months:
“Usually you’d have five to 10 sales a month, but we’ve only had one in the last six weeks. Everything above $2 million is pretty much dead; anything related to international money is gone right now.”
Prices have also declined for downtown condos in the $600,000 to $700,000 range, Watt said.
In relatively affordable Langley and Abbotsford, where a two-bedroom, two-bathroom townhome goes for between $300,000 and $400,000, it’s a similar story: seven or eight weeks ago, sellers would receive multiple offers. Properties are now sitting on the market for longer, said Tim Sawatzky, a realtor with 2 Percent Realty Valley.
Where it was once common to see lineups to buy condo pre-sales contracts, Sawatzky said developers in Surrey, Langley and Abbotsford are now offering a variety of incentives, such as a $20,000 “furnishing package,” or between $20,000 and $40,000 off the closing price when the building is completed. (When buyers purchase a pre-sale condo contract, they typically pay five to 15 per cent of the price up front and then pay the full amount after the building is completed.)
All sorts of cash incentives in the market right now if that’s your sort of thing. Read the full article here.
Did you know that Richmond BC matches the downtown Eastside for one of the poorest neighborhoods in Canada? Shared by hyper-mega-bull: