The cooldown of Vancouver’s housing market is affecting condo sales
Ephraim Vecina
Mortgage Broker News
The precipitous cooldown of the Vancouver housing market is markedly affecting the condo segment, according to data from the Real Estate Board of Greater Vancouver.
This is especially apparent when one considers that the benchmark condo price in the region fell by 6.4% in the 6-month period ending December, reaching $664,100. This also represented a 0.6% annual decline, the lowest rate of growth since September 2013.
Breaking down by locale, Vancouver East had a benchmark condo price of $538,000 in December, falling by 1.4% year-over-year. Vancouver West posted a $738,700 benchmark, down by 2.9% annually. Sales haven’t emerged unscathed, either. REBGV numbers indicated that last month suffered a 47.95% decline from December 2017, Better Dwelling reported.
Greater Vancouver’s condo inventory also fell 30% year-over-year in December, along with a 61% month-over-month decline.
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