Wednesday, February 14, 2018

No new condos in Vancouver for $500K or less

A national survey of what $500,000 buys in newly built condos was unable to find a single example in Vancouver proper – the only city in the survey to have zero stock of new units under $500K.
The latest condo market survey from real estate data company Altus Group said that buyers would have to go to a nearby city such as Burnaby to find any new condos priced at less than half a million, and even those would only be around 450 square feet.
The report also looked at new-build condo sales over 2017 in major urban markets, and found that Vancouver was an “outlier” with a significant decline in sales of new units – “impacted by the sharp drop in new condominium supply coming onto the market,” according to Altus Group.
It added, “Vancouver is the tightest new condominium apartment market in the country and sales levels are not reflective of underlying demand, which remains very strong.”
 Vancouver Courier