{"id":26378,"date":"2025-09-05T11:11:55","date_gmt":"2025-09-05T18:11:55","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=26378"},"modified":"2025-09-04T16:22:20","modified_gmt":"2025-09-04T23:22:20","slug":"metro-vancouver-condo-prices-down-with-a-heavily-supplied-pressure-on-sellers","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2025\/09\/metro-vancouver-condo-prices-down-with-a-heavily-supplied-pressure-on-sellers\/","title":{"rendered":"Metro Vancouver Condo Prices Down with A Heavily Supplied Pressure on Sellers"},"content":{"rendered":"<p style=\"text-align: justify;\">More homebuying activity is expected after Labour Day in Metro Vancouver, where a heavily supplied condo market is putting pressure on sellers to trim their asking prices, says one Realtor.<\/p>\n<p style=\"text-align: justify;\">This is especially true for newly constructed condos in dense neighbourhoods such as Burnaby\u2019s Brentwood, where the median condo sale price declined 13.2% year over year in July to $683,000, said Hasan Juma, a Realtor with Oakwyn Realty Ltd.<\/p>\n<p style=\"text-align: justify;\">\u201cSellers can\u2019t keep holding on and holding out for higher prices. At some point, something has to give,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">\u201cThey are paying mortgages on these properties, they are often vacant, and so at some point the sellers say, \u2018Look, we just need to move on from it.\u2019\u201d<\/p>\n<p style=\"text-align: justify;\">Prices could moderate further for newly built, pricier two-bedrooms, whereas entry-level prices for one-bedrooms have been \u201crelatively sticky,\u201d Juma said.<\/p>\n<p style=\"text-align: justify;\">\u201cAt that lower end, I just think there is a little bit more resiliency, especially if it\u2019s owner-occupied,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">Buyers, meanwhile, are not getting the economic certainty they crave. Their patience may be running thin, causing them to take opportunities despite weaker consumer sentiment amid a trade war.<\/p>\n<p style=\"text-align: justify;\">\u201cPrices are just starting to get at that level where buyers are saying, \u2018It\u2019s worth it for us to make a move right now, getting the property at a lower price than we might have expected a few months ago,\u2019\u201d Juma said.<\/p>\n<p style=\"text-align: justify;\">\u201cThere\u2019s more and more people that have really put their plans on hold this year, trying to get some stability and certainty with what might happen with the economy and jobs. I think they are realizing that we\u2019re not going to get that certainty,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">With more buyers making moves, Brentwood condos may be at a turning point. Sales activity was up almost 27% last month for a total of 71 sales, possibly giving sellers an advantage, Juma said.<\/p>\n<p style=\"text-align: justify;\">\u201cIn the trenches, absolutely a buyer\u2019s market,\u201d says another Realtor.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen you\u2019re in negotiations, you can feel the buyer has the power,\u201d said Tim Hill of Tim Hill Real Estate Group, Re\/Max All Points Realty.<\/p>\n<p style=\"text-align: justify;\">\u201cYou don\u2019t know when your next offer\u2019s coming. If the majority of it\u2019s reasonable, ..\u2026 it\u2019s really difficult for a seller to turn down because it could be a couple of weeks until the next offer, or it could be a couple months,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">The Bank of Canada\u2019s next interest rate announcement on Sept. 17 may not necessarily sway potential buyers, even if the key rate is lowered.<\/p>\n<p style=\"text-align: justify;\">\u201cI\u2019d say they\u2019re pretty numb to interest rates right now,\u201d he said. \u201cThat of course only affects the variable-rate mortgages, which I think are few and far between right now for new purchases.\u201d<\/p>\n<p style=\"text-align: justify;\">Hill said it\u2019s important for sellers to present and stage their homes well in a way that attracts multiple buyer types, given heightened competition among sellers in the same building or neighbourhood.<\/p>\n<p style=\"text-align: justify;\">\u201cYou have to declutter, you have to de-personalize, you have to clean, you need to be Mr. and Mrs. Sparkle,\u201d he said. Keep some furniture to help buyers visualize the space, he added.<\/p>\n<p style=\"text-align: justify;\">Labour Day is around the corner, and the region\u2019s real estate market could shift this fall, though the exact direction remains to be seen.<\/p>\n<p style=\"text-align: justify;\">\u201cA lot of people really just want the summer lull to be done,\u201d Hill said.<\/p>\n<p style=\"text-align: justify;\">\u201cOf course, we\u2019re warning all of our clients that just because it becomes September doesn\u2019t mean the market\u2019s going to come back running.\u201d<\/p>\n<p><a href=\"https:\/\/www.biv.com\/news\/real-estate\/downward-pressure-on-metro-vancouver-condo-prices-heading-into-labour-day-11134729\" target=\"_blank\" rel=\"noopener\">Downward Pressure on Metro Vancouver Condo Prices Heading Into Labour Day<\/a> by Jami Makan | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More homebuying activity is expected after Labour Day in Metro Vancouver, where a heavily supplied condo market is putting pressure on sellers to trim their asking prices, says one Realtor. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2025\/09\/metro-vancouver-condo-prices-down-with-a-heavily-supplied-pressure-on-sellers\/\">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":[26,13],"tags":[],"class_list":["post-26378","post","type-post","status-publish","format-standard","hentry","category-homeselling-homebuying","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metro Vancouver Condo Prices Down with A Heavily Supplied Pressure on Sellers &#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\/2025\/09\/metro-vancouver-condo-prices-down-with-a-heavily-supplied-pressure-on-sellers\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Condo Prices Down with A Heavily Supplied Pressure on Sellers &#8226; 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