{"id":13129,"date":"2019-07-22T10:10:17","date_gmt":"2019-07-22T17:10:17","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13129"},"modified":"2019-07-08T12:55:48","modified_gmt":"2019-07-08T19:55:48","slug":"greater-vancouver-condo-sales-are-tough-right-now","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/07\/greater-vancouver-condo-sales-are-tough-right-now\/","title":{"rendered":"Greater Vancouver Condo Sales are Tough Right Now"},"content":{"rendered":"<p style=\"text-align: justify;\">It looks like the Vancouver housing market\u2019s collapse is as wide as it is deep.<\/p>\n<p style=\"text-align: justify;\">While the market\u2019s slowdown is perhaps most apparent in the detached-home segment, it\u2019s even struggling to sell a starter home in Canada\u2019s priciest city for real estate.<\/p>\n<p style=\"text-align: justify;\">Realtor Steve Saretsky notes that studio condo sales decreased 27 percent on a year-over-year basis in June. On a per square foot basis, the average studio condo price took a 6.9 percent hit.<\/p>\n<p style=\"text-align: justify;\">\u201cSimilar to the detached market, the majority of the weakness in the condo market is at the higher end of the spectrum. In other words, the more expensive the condo the more challenging it is to sell,\u201d writes Saretsky in a blog post.<\/p>\n<p style=\"text-align: justify;\">\u201cThis should not be mistaken for assuming entry level condos have not been impacted. One bedroom and studio units have witnessed sales fall and prices drop as well,\u201d he continues.<\/p>\n<p style=\"text-align: justify;\">Small units in high-rise buildings are often the only option for first-time homebuyers looking to wade into the property market, so the weakness in the lower price points suggest a widespread correction.<\/p>\n<p style=\"text-align: justify;\">Overall, Greater Vancouver condo sales plunged 23.9 percent in June compared to the same month last year. The last time June sales activity was so sluggish was in 2002, Saretsky notes.<\/p>\n<p style=\"text-align: justify;\">\u201cThis is particularly concerning given this doesn\u2019t account for the increase in population growth and new condo stock during that period,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">Contractors continue to complete work on new condo projects that were launched in recent years, and the unsold units in these buildings are bolstering supply at a time of dwindling demand \u2014 a recipe for further price declines in the near-term.<\/p>\n<p style=\"text-align: justify;\">However, more and more projects are getting shelved as some developers would rather wait for signs of market recovery than begin selling in a more challenging environment.<\/p>\n<p style=\"text-align: justify;\">Earlier in the spring, MLA Advisory, the research brand of real estate marketing firm MLA Canada, estimated that 17 condo projects had sales launches delayed this year.<\/p>\n<p style=\"text-align: justify;\">\u201cThis shortage in our housing stock will greatly impact affordability in the years to come,\u201d the MLA report from May says.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/07\/starter-condos-tough-sell-vancouver.html\" target=\"_blank\" rel=\"noopener noreferrer\">Even Starter Condos are Tough to Sell in Vancouver Right Now<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It looks like the Vancouver housing market\u2019s collapse is as wide as it is deep. While the market\u2019s slowdown is perhaps most apparent in the detached-home segment, it\u2019s even struggling &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/07\/greater-vancouver-condo-sales-are-tough-right-now\/\">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-13129","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>Greater Vancouver Condo Sales are Tough Right Now &#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\/2019\/07\/greater-vancouver-condo-sales-are-tough-right-now\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Greater Vancouver Condo Sales are Tough Right Now &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"It looks like the Vancouver housing market\u2019s collapse is as wide as it is deep. 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