{"id":663,"date":"2016-01-18T15:15:35","date_gmt":"2016-01-18T23:15:35","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=663"},"modified":"2016-01-18T09:58:58","modified_gmt":"2016-01-18T17:58:58","slug":"high-demand-for-condos-low-supply-driving-up-prices","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/01\/high-demand-for-condos-low-supply-driving-up-prices\/","title":{"rendered":"High Demand for Condos &#038; Low Supply Driving Up Prices"},"content":{"rendered":"<p style=\"text-align: justify;\"><em><strong>More condo construction needed to meet market demand according to research<\/strong><\/em><\/p>\n<p style=\"text-align: justify;\">Condos are the dominant feature of many Vancouver neighbourhoods but now a firm that analyses real estate data suggests there needs to be even more in the city.<\/p>\n<p style=\"text-align: justify;\">Urban Analytics says demand for condos is outstripping supply, and that is in part to blame for rising prices.<\/p>\n<p style=\"text-align: justify;\">&#8220;Based on who we see buying, and the demand that continues to appear to flow into the market, unless there&#8217;s some severe economic shock, we don&#8217;t really see much drop in the amount of demand in the marketplace,&#8221; said Michael Ferreira, with Urban Analytics.<\/p>\n<p style=\"text-align: justify;\">In a report called &#8220;Soaking Up the Supply&#8221; the company compared the total number of newly-built, multi-family units sold each quarter since 2012, with the number of units left unsold.<\/p>\n<p style=\"text-align: justify;\">\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/01\/High-demand-for-condos-and-low-supply-driving-up-prices.png\" rel=\"attachment wp-att-664\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-664\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/01\/High-demand-for-condos-and-low-supply-driving-up-prices-300x153.png\" alt=\"High demand for condos and low supply driving up prices\" width=\"558\" height=\"285\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/01\/High-demand-for-condos-and-low-supply-driving-up-prices-300x153.png 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2016\/01\/High-demand-for-condos-and-low-supply-driving-up-prices.png 620w\" sizes=\"auto, (max-width: 558px) 100vw, 558px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">&#8220;From the middle of 2012, there was a spread of about 7500 units between those two metrics,&#8221; said Ferreira. &#8220;Now it&#8217;s now just over 1200 units.&#8221;<\/p>\n<p style=\"text-align: justify;\">Ferreira thinks the real estate industry and municipalities need to figure out a way to increase the speed at which new developments are approved in order to keep the supply up and prices down.<\/p>\n<p><a href=\"http:\/\/www.cbc.ca\/news\/canada\/british-columbia\/condos-vancouver-michael-ferriera-1.3304673\" target=\"_blank\">High Demand for Condos &amp; Low Supply Driving Up Prices<\/a> by CBC News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More condo construction needed to meet market demand according to research Condos are the dominant feature of many Vancouver neighbourhoods but now a firm that analyses real estate data suggests &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/01\/high-demand-for-condos-low-supply-driving-up-prices\/\">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-663","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>High Demand for Condos &amp; 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