{"id":10215,"date":"2018-09-04T11:11:50","date_gmt":"2018-09-04T18:11:50","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10215"},"modified":"2018-08-27T11:12:23","modified_gmt":"2018-08-27T18:12:23","slug":"buying-a-condo-in-metro-vancouver-may-get-harder-in-2019","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/09\/buying-a-condo-in-metro-vancouver-may-get-harder-in-2019\/","title":{"rendered":"Buying A Condo in Metro Vancouver May Get Harder in 2019"},"content":{"rendered":"<p style=\"text-align: justify;\">VANCOUVER (NEWS 1130) \u2013 Rising prices and dropping sales have prompted more speculation about what\u2019s in store for Greater Vancouver real estate.<\/p>\n<p style=\"text-align: justify;\">The BC Real Estate Association is predicting prices will climb nearly 2% this year, but UBC Sauder School of Business professor Tom Davidoff says that might change next year.<\/p>\n<p style=\"text-align: justify;\">\u201cSingle family is quite weak, particularly at the higher end. We\u2019ve seen actual reduction in what homes are worth,\u201d Davidoff says.<\/p>\n<p style=\"text-align: justify;\">\u201cWe haven\u2019t seen that kind of weakness in condo yet. There\u2019s a possibility of a significant correction there, as well. A weakening of \u2018incredibly strong\u2019 is not yet to weak, so you\u2019re starting from a very, very strong point. I don\u2019t think the sales-to-listing ratios for apartments have even hit buyers\u2019 market yet.\u201d<\/p>\n<p style=\"text-align: justify;\">He says while condo sales are still stronger than single family homes, a \u201csignificant correction\u201d is possible.<\/p>\n<p style=\"text-align: justify;\">\u201cApartments have gone from very hot to a sort of balanced market situation, so good time to be a buyer,\u201d says Davidoff, adding that, conversely, it could be a frightening time for sellers because of increased financial stress tests and high apartment prices and inventory. \u201cA lot of the people who wanted to buy already have bought, so that\u2019ll be very interesting to watch.\u201d<\/p>\n<p style=\"text-align: justify;\">Jason Turcotte with Cressey Developments says their latest condo tower near Queen Elizabeth Park is already more than 80% sold, but he agrees changes are on the horizon.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s very challenging to produce housing right now. I mean, the marketplace is showing some signs of cooling, but the cost side of the equation certainly hasn\u2019t,\u201d Turcotte says.<\/p>\n<p style=\"text-align: justify;\">He adds not all properties are created equal.<\/p>\n<p style=\"text-align: justify;\">\u201cWe have to price appropriately to the market of the day and it is changing right now,\u201d Turcotte says. \u201cBut I think, where you can demonstrate that the value is there, that the marketplace responds very well and not taking for granted that it\u2019s just going to be this robust market that will buy it no matter what.\u201d<\/p>\n<p style=\"text-align: justify;\">He says investments are still being made where buyers see good price and quality.<\/p>\n<p style=\"text-align: justify;\">\u201cWe are still seeing some investment-oriented purchasers on some of the smaller homes because we did have a mix of homes from one-bedrooms all the way up to more than two thousand sq-foot, two and three-bedroom homes, so a real broad mix.\u201d<\/p>\n<p style=\"text-align: justify;\">Prices for the Chelsea project on Cambie Street and West 31st Avenue, which is slated to break ground this fall, range from $650,000 for a studio to almost $3 million for larger suites.<\/p>\n<p><a href=\"https:\/\/www.news1130.com\/2018\/08\/26\/buying-condo-metro-vancouver-may-get-harder-next-year\/\" target=\"_blank\" rel=\"noopener\">Buying A Condo in Metro Vancouver May Get Harder in 2019<\/a> by Marcella Bernardo | News 1130<\/p>\n","protected":false},"excerpt":{"rendered":"<p>VANCOUVER (NEWS 1130) \u2013 Rising prices and dropping sales have prompted more speculation about what\u2019s in store for Greater Vancouver real estate. The BC Real Estate Association is predicting prices &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/09\/buying-a-condo-in-metro-vancouver-may-get-harder-in-2019\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10215","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Buying A Condo in Metro Vancouver May Get Harder in 2019 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/09\/buying-a-condo-in-metro-vancouver-may-get-harder-in-2019\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Buying A Condo in Metro Vancouver May Get Harder in 2019 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"VANCOUVER (NEWS 1130) \u2013 Rising prices and dropping sales have prompted more speculation about what\u2019s in store for Greater Vancouver real estate. 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