{"id":9436,"date":"2018-06-19T11:11:33","date_gmt":"2018-06-19T18:11:33","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9436"},"modified":"2018-06-13T09:45:22","modified_gmt":"2018-06-13T16:45:22","slug":"slowing-sales-are-helping-to-push-condo-inventory-higher","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/slowing-sales-are-helping-to-push-condo-inventory-higher\/","title":{"rendered":"Slowing Sales Are Helping to Push Condo Inventory Higher"},"content":{"rendered":"<p style=\"text-align: justify;\">With condo sales in the City of Vancouver losing steam, one realtor says price growth could also ease in the near future.<\/p>\n<p style=\"text-align: justify;\">According to a recent blog post from Vancouver-based realtor Steve Saretsky, last month the city saw rising condo supply and slower demand, which could be the recipe for cooling skyrocketing prices in the city.<\/p>\n<p style=\"text-align: justify;\">\u201cMake no mistake, inventory remains incredibly low which is helping to support condo prices. However, with weak sales volumes and new listings on the rise, up 22% this month, price relief could be on the way for buyers,\u201d writes Saretsky.<\/p>\n<p style=\"text-align: justify;\">In May, the benchmark price of a Vancouver condo reached $794,700, up 14% from $695,500 a year ago, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n<p style=\"text-align: justify;\">Saretsky notes that although prices remain elevated, price growth has been rather benign in the city.<\/p>\n<p style=\"text-align: justify;\">\u201cThe average price per square foot, which has been a strong indicator of current market prices, has been bouncing around in recent months with little to no growth,\u201d he writes.<\/p>\n<p style=\"text-align: justify;\">The reason for modest price growth could be attributed to a drop in condo sales in the past couple of months. In May, a total of 534 units sold in the city, down 28% from a year ago. Last month saw the lowest amount of sales recorded for the month of May since 2013.<\/p>\n<p style=\"text-align: justify;\">\u201cThe drop in sales likely has a strong correlation with mortgage credit growth decelerating to its slowest pace since 2001,\u201d writes Saretsky.<\/p>\n<p style=\"text-align: justify;\">Although demand appears to be easing, Saretsky says multiple offers are still common in Vancouver\u2019s condo market, but buyers seem unwilling to push prices higher. Last month, 35% of condo listings sold over asking price \u2014 a 51% decline from May 2017.<\/p>\n<p style=\"text-align: justify;\">Saretsky also adds that slowing sales are helping to push inventory higher. In May, inventory condo stood at 1,462 units in the city, up 28% from a year ago and a two-year high.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/06\/expert-vancouver-condo-price-relief.html\" target=\"_blank\" rel=\"noopener\">This Expert Says Vancouver Condo Price Relief &#8220;Could Be on The Way&#8221;<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With condo sales in the City of Vancouver losing steam, one realtor says price growth could also ease in the near future. According to a recent blog post from Vancouver-based &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/slowing-sales-are-helping-to-push-condo-inventory-higher\/\">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-9436","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>Slowing Sales Are Helping to Push Condo Inventory Higher &#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\/06\/slowing-sales-are-helping-to-push-condo-inventory-higher\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Slowing Sales Are Helping to Push Condo Inventory Higher &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"With condo sales in the City of Vancouver losing steam, one realtor says price growth could also ease in the near future. 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