{"id":10532,"date":"2018-10-11T10:10:06","date_gmt":"2018-10-11T17:10:06","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10532"},"modified":"2018-10-05T12:49:09","modified_gmt":"2018-10-05T19:49:09","slug":"vancouver-condo-listings-are-rising-lots-more-supply-are-on-the-way","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/10\/vancouver-condo-listings-are-rising-lots-more-supply-are-on-the-way\/","title":{"rendered":"Vancouver Condo Listings are Rising &#038; Lots More Supply are on The Way"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver condo listings are rising amid weakened demand, a perfect recipe for lower selling prices and a trend experts suggest won\u2019t reverse in the near future.<\/p>\n<p style=\"text-align: justify;\">\u201cI think we\u2019re really at the early stages,\u201d says Steve Saretsky, the Vancouver realtor who created the VancityCondoGuide, of the condo market\u2019s cooling.<\/p>\n<p style=\"text-align: justify;\">\u201cCondos really topped out in the winter of 2017, so you could argue that the correction in that space is really just beginning,\u201d he tells Livabl, noting it can take years for a market to really reach bottom.<\/p>\n<p style=\"text-align: justify;\">Further aggravating the situation is an anticipated number of condo completions that are expected early next year.<\/p>\n<p style=\"text-align: justify;\">Typically, these units would have been purchased before shovels even broke ground in what\u2019s known as a pre-construction sale, technically an agreement to buy at a later date.<\/p>\n<p style=\"text-align: justify;\">When the units are finished, the owners \u2014 who are typically investors rather than end users \u2014 will look to sell off their units or rent them out, suggests Saretsky.<\/p>\n<p style=\"text-align: justify;\">\u201cThat is going to bring lots more supply,\u201d he says. \u201cI think it\u2019s a huge thing that hasn\u2019t really played out a whole lot yet,\u201d he adds in an interview.<\/p>\n<p style=\"text-align: justify;\">In a report released last month, Central 1 Credit Union flagged the potential risks the pending completions present for the overall real estate market.<\/p>\n<p style=\"text-align: justify;\">So far, home listings have already surged compared to the same time last year, according to the REBGV\u2019s latest monthly data, published this week.<\/p>\n<p style=\"text-align: justify;\">In all, there were 13,084 resale properties available in Metro Vancouver in September, up 38% from last year and 10.7% over August.<\/p>\n<p style=\"text-align: justify;\">The number of condos on the market in Greater Vancouver at the end of September was 75% higher than what was counted at the same time in 2017.<\/p>\n<p style=\"text-align: justify;\">At the same time, condo sales have plunged. Apartment transactions totalled 812 last month, representing a 44-per-cent decrease from 12 months prior, says REBGV\u2019s report.<\/p>\n<p style=\"text-align: justify;\">\u201cWeaker sales [and] rising inventory generally leads to lower prices, and that\u2019s sort of what we\u2019re starting to see in the condo space,\u201d says Saretsky.<\/p>\n<p style=\"text-align: justify;\">Over the last three months, Vancouver condo prices are down 3.1%, according to REBGV, which pegged the benchmark price at $687,300 in September.<\/p>\n<p style=\"text-align: justify;\">Saretsky is not alone in anticipating Vancouver\u2019s housing market won\u2019t recover any time soon. In a note published this morning, BMO Senior Economist Robert Kavcic also highlighted elevated listings and declining prices in not just the condo market but the detached segment as well.<\/p>\n<p style=\"text-align: justify;\">\u201cWe would not be holding our breath for a quick price rebound in this market,\u201d writes Kavcic in the note titled \u201cVancouver Housing Still Reeling.\u201d<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/10\/vancouver-condo-listings-keep-piling-up.html\" target=\"_blank\" rel=\"noopener\">Vancouver Condo Listings Keep Piling Up &#8211; and many more are on the way<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver condo listings are rising amid weakened demand, a perfect recipe for lower selling prices and a trend experts suggest won\u2019t reverse in the near future. \u201cI think we\u2019re really &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/10\/vancouver-condo-listings-are-rising-lots-more-supply-are-on-the-way\/\">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-10532","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Condo Listings are Rising &amp; 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