The Worsening Housing Bust in Vancouver




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ORIGINAL POST

Posted by Ed 15 days ago
In the City of Vancouver, BC, Canada, condo sales in June plunged 28% from the already weak June last year to just 343 units. Inventory for sale jumped 32%. Prices – however you slice them – follow volume and supply: The median price fell 10% to C$656,000.
 
 
The average price-per-square-foot fell 10% to C$933. And the MLS Home Price Index for condos, which calculates a “benchmark price” based on a “typical” condo, fell 10% to C$733,300. This took the MLS HPI below the level of June 2017 (red marks added):
 
 
https://wolfstreet.com/2019/07/08/update-on-the-housing-bust-in-vancouver-canada-spring-hopes-got-crushed/ 
 

COMMENTS

Ed 15 days ago
https://wolfstreet.com/wp-content/uploads/2019/07/Canada-Vancouver-Saretsky-Condo-HPI-2019-06.png

Ed 15 days ago
https://wolfstreet.com/wp-content/uploads/2019/07/Canada-Vancouver-Saretsky-Houses-HPI-2019-06.png

Ed 15 days ago
https://wolfstreet.com/wp-content/uploads/2019/07/Canada-Vancouver-Saretsky-Townhouses-HPI-2019-06.png

Ed 15 days ago
https://wolfstreet.com/wp-content/uploads/2019/07/Canada-Vancouver-Saretsky-Housing-construction-2019-06.png

Ed 15 days ago
Metro Vancouver housing sales fall to 33 year low
 
Back in 2016, Vancouver’s white-hot real estate market looked as if it would never cool down.
Three years later, industry experts say times have changed.

“Prices now are back to where they were around, say, mid-2015,” Brendon Ogmundson of the B.C. Real Estate Association said.
 
 
A once boiling hot market appears to be lukewarm at best. Listings that would have once fuelled fierce bidding wars can be left lingering for months.
 

In some cases, asking prices have dropped dramatically below assessed values in a bid to attract buyers.
A home in Vancouver’s Southlands neighbourhood had a listing price of $5.29 million last year and is now available for $3.6 million. Another home on Vancouver’s west side was listed at $4.5 million and now lists for $3.9 million.
 
 
 https://globalnews.ca/news/5418388/as-sales-stall-metro-vancouver-caught-between-a-buyers-and-sellers-market/

Ed 15 days ago
This West Vancouver mansion just sold for less than half its asking price. It’s not the only one
 
 
 https://globalnews.ca/news/5314158/homes-west-vancouver-selling-discounts/


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