{"id":7224,"date":"2017-10-20T11:11:21","date_gmt":"2017-10-20T18:11:21","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7224"},"modified":"2017-10-16T10:10:39","modified_gmt":"2017-10-16T17:10:39","slug":"vancouver-condo-market-in-demand","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/10\/vancouver-condo-market-in-demand\/","title":{"rendered":"Vancouver Condo Market in Demand"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver\u2019s condo market supply is lagging well behind demand, putting a major premium on units.<\/p>\n<p style=\"text-align: justify;\">Randy Ryalls, general manager of Royal LePage Sterling Realty in Port Moody, says one of the major reasons for the supply shortage is that the single-family market segment remains out of reach for most prospective homeowners, and developers haven\u2019t been able to inject the marketplace with enough completed projects.<\/p>\n<p style=\"text-align: justify;\">\u201cIn the condo market, it\u2019s been a chronic situation over the years,\u201d he said. \u201cIt takes a long time to get those units to market, and there\u2019s lots of demand for them, so the developers can\u2019t seem to keep up with the demand.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s a matter of years,\u201d he continued. \u201cIf the developer buys a piece of land, the process can easily take them years to get approval, get the building up and get people moved into it. It\u2019s a lengthy process.\u201d<\/p>\n<p style=\"text-align: justify;\">Royal LePage House Price Survey shed light on the pressure placed upon condo supply \u2013and, by extension, buyers.<\/p>\n<p style=\"text-align: justify;\">The report also revealed that the \u2018move-up\u2019 buying cohort, defined as sellers able to make a pretty penny and move into the single-family segment, are benefiting from Vancouver\u2019s supply constraints. However, many more buyers are priced out of entry-level homes, namely condos, and, therefore, the market altogether.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019ve seen an interesting set of events going on where the detached market, because of price point, stalled a little bit because of price appreciation, but there\u2019s still remarkable demand for condos because the price point is still affordable for much more people,\u201d continued Ryalls. \u201cThe gap between the two is starting to close a little bit. It\u2019s the first time in years condos are out-performing single-family homes, so the gap between the two is closing.<\/p>\n<p style=\"text-align: justify;\">\u201cIf somebody has got a good amount of equity in a condo, for the first time in a long time they can sell that condo and do very well and have enough of a down payment to get into a single-family house.\u201d<\/p>\n<p style=\"text-align: justify;\">Managing Broker of REMAX Westcoast, Richard Laurendeau, pointed to the price index, wherein, by the end of September, condos averaged $635,800 \u2013 up from $522,300 a year ago \u2013 and townhouses averaged $786,600, up from $686,800 in September 2016.<\/p>\n<p style=\"text-align: justify;\">\u201cBy most people\u2019s measurements, that would be considered hefty gains and consistent with what we see in the marketplace with a reduction of inventory and upward pressure on price,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">He added that the supply constraints in the condo market are creating fierce competition among buyers.<\/p>\n<p style=\"text-align: justify;\">\u201cI\u2019ve seen with our realtors who work with buyers that they have experienced multiple examples of competing offers,\u201d said Laurendeau. \u201cIn a rising market short of inventory, that\u2019s a symptom that tends to follow along with it.\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/vancouver-condo-market-in-demand-232439.aspx\" target=\"_blank\" rel=\"noopener\">Vancouver Condo Market in Demand<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver\u2019s condo market supply is lagging well behind demand, putting a major premium on units. Randy Ryalls, general manager of Royal LePage Sterling Realty in Port Moody, says one of &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/10\/vancouver-condo-market-in-demand\/\">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":[13],"tags":[],"class_list":["post-7224","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Condo Market in Demand &#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\/2017\/10\/vancouver-condo-market-in-demand\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Condo Market in Demand &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver\u2019s condo market supply is lagging well behind demand, putting a major premium on units. 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