{"id":8774,"date":"2018-04-11T11:11:43","date_gmt":"2018-04-11T18:11:43","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8774"},"modified":"2018-04-09T15:39:59","modified_gmt":"2018-04-09T22:39:59","slug":"will-bidding-wars-in-vancouvers-condo-market-slow-down-anytime-soon","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/04\/will-bidding-wars-in-vancouvers-condo-market-slow-down-anytime-soon\/","title":{"rendered":"Will Bidding Wars in Vancouver&#8217;s Condo Market Slow Down Anytime Soon?"},"content":{"rendered":"<p style=\"text-align: justify;\">Although Vancouver condo sales continued to drop in March, almost half of those sales were sold above asking price. Vancouver realtor Steve Saretsky says this confirms that bidding wars are still prevalent in the market, and will likely continue for some time.<\/p>\n<p style=\"text-align: justify;\">\u201cWe have fewer buyers but those fewer buyers are basically just competing over no supply, so you\u2019re still getting multiple offers,\u201d Saretsky tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">Last month, a total of 506 condos sold in the city, down from 632 units sold in March 2017 and Vancouver\u2019s lowest condo sales total since the year 2013.<\/p>\n<p style=\"text-align: justify;\">Similar to the rest of BC, the Vancouver-based realtor says condo sales have been dampened by stricter mortgage regulations and eroding affordability.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen you have new policy measures introduced, like a stress test, and ever-higher house prices, at some point affordability starts to bite and I think that\u2019s what we\u2019re seeing,\u201d says Saretsky.<\/p>\n<p style=\"text-align: justify;\">Despite the slowdown in sales, 48% of condo sales sold above asking price in March, up 11% from a year ago.<\/p>\n<p style=\"text-align: justify;\">In a recent blog post, Saretsky writes that the increase of these above-asking condo sales is a result of \u201clisting inventory still stuck at crisis levels.\u201d<\/p>\n<p style=\"text-align: justify;\">In March, Vancouver\u2019s condo inventory totalled 932 units, a 16% decline from 1,089 condos recorded a year ago.<\/p>\n<p style=\"text-align: justify;\">Saretsky notes that one-bedroom condos are more likely to be in a bidding war, as they provide a more affordable price point for first-time buyers.<\/p>\n<p style=\"text-align: justify;\">\u201cFor one-bedrooms, almost every time it\u2019s going to be a multiple offer situation. As soon as you get to the more expensive two-bedrooms, it really starts to slow down,\u201d says Saretsky.<\/p>\n<p style=\"text-align: justify;\">Going forward, Saretsky predicts that sales will continue to fall this year. However, he adds that bidding war relief could be in sight later this year.<\/p>\n<p style=\"text-align: justify;\">\u201cFewer sales combined with more and more supply \u2014 we have record supply hitting the market that\u2019s now finally starting to complete \u2014 will hopefully push inventory levels up, but I think that\u2019s going to take some time,\u201d says Saretsky.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/04\/bidding-wars-vancouvers-condo-slow.html\" target=\"_blank\" rel=\"noopener\">Will Bidding Wars in Vancouver&#8217;s Condo Market Slow Down Anytime Soon?<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although Vancouver condo sales continued to drop in March, almost half of those sales were sold above asking price. Vancouver realtor Steve Saretsky says this confirms that bidding wars are &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/04\/will-bidding-wars-in-vancouvers-condo-market-slow-down-anytime-soon\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-8774","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Will Bidding Wars in Vancouver&#039;s Condo Market Slow Down Anytime Soon? &#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\/04\/will-bidding-wars-in-vancouvers-condo-market-slow-down-anytime-soon\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Will Bidding Wars in Vancouver&#039;s Condo Market Slow Down Anytime Soon? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Although Vancouver condo sales continued to drop in March, almost half of those sales were sold above asking price. 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