{"id":11128,"date":"2018-12-17T11:11:48","date_gmt":"2018-12-17T19:11:48","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11128"},"modified":"2018-12-12T10:36:01","modified_gmt":"2018-12-12T18:36:01","slug":"resale-inventory-presale-condo-supply-could-flood-vancouver-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/12\/resale-inventory-presale-condo-supply-could-flood-vancouver-market\/","title":{"rendered":"Resale Inventory &#038; Presale Condo Supply Could Flood Vancouver Market"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver condo inventory is nowhere near historical highs despite a recent rush of listings hitting the market \u2014 but a local realtor warns that supply levels mirroring the Great Recession aren\u2019t out of the question.<\/p>\n<p style=\"text-align: justify;\">\u201cI think it\u2019s definitely possible. I wouldn\u2019t rule it out,\u201d Steve Saretsky, a Vancouver realtor and founder of Vancity Condo Guide, tells Livabl.<\/p>\n<p style=\"text-align: justify;\">In 2008, total unsold condo inventory on the resale market exceeded 3,500 units. As of November, supply remained below the 2,000-unit mark.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s important to point out that condo inventory remains low on a historical basis,\u201d writes Saretsky in a related blog post.<\/p>\n<p style=\"text-align: justify;\">He also adds in a followup interview that the runup in resale listings is the result of slackening sales. \u201cIt\u2019s not from a flood of people panicking trying to sell,\u201d Saretsky says.<\/p>\n<p style=\"text-align: justify;\">However, developers have continued to launch more and more condo projects at a time when prices are facing downward pressure.<\/p>\n<p style=\"text-align: justify;\">\u201cMost people, including developers, I think, are underestimating how much supply is in the pipeline, so I expect that\u2019s going to add to it considerably,\u201d he continues.<\/p>\n<p style=\"text-align: justify;\">So far this year, developers have released about 16,000 pre-construction units for sale, according to MLA Canada, a marketing and research firm. Of those units, 65 percent have sold. In October alone, developers brought 2,300 new condos to market, an increase of 40 percent from the previous year.<\/p>\n<p style=\"text-align: justify;\">Already, the higher number of condos available for purchase has chipped away at resale pricing in the segment, according to a separate report by credit union Central 1.<\/p>\n<p style=\"text-align: justify;\">\u201cDetached home prices have stabilized following a year of declines, but apartments are shedding value,\u201d writes Bryan Yu, Central 1\u2019s deputy chief economist, in a weekly update.<\/p>\n<p style=\"text-align: justify;\">\u201cAn increase in newly completed stock and supply, and concentrated impacts of landing restrictions on entry level buyers is pressuring the market,\u201d Yu notes.<\/p>\n<p style=\"text-align: justify;\">Resale condo prices are now down 4 percent from their last peak, and Central 1 anticipates more declines.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2018\/12\/recession-condo-supply-vancouver-market.html\">Recession-Like Condo Supply Could Flood Vancouver Market<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver condo inventory is nowhere near historical highs despite a recent rush of listings hitting the market \u2014 but a local realtor warns that supply levels mirroring the Great Recession &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/12\/resale-inventory-presale-condo-supply-could-flood-vancouver-market\/\">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-11128","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>Resale Inventory &amp; Presale Condo Supply Could Flood Vancouver Market &#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\/12\/resale-inventory-presale-condo-supply-could-flood-vancouver-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Resale Inventory &amp; 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