In October, two of the five most expensive homes sold in Vancouver were condominiums: a $5.28 million two-bedroom suite on the 43rd floor of a Seymour Street downtown tower; and a $5.25 million, three-bedroom pre-sale in Yaletown. The heady prices should not be a surprise in a city where the condominium is now the market sales and price increase leader. In October, the benchmark price of a Vancouver Westside condominium apartment reached $806,500, and increased to $538,500 on the Eastside, Vancouver condo prices are up an average of 18% from a year earlier to an unprecedented benchmark of $773,500.
In October, 495 condo apartments sold in Vancouver, with sales up 18.9% on the Westside and 12.7% on the Eastside. More condos sold in the city during the month than sales of detached houses (214) and townhouses (94) combined. A typical new listing for a condo sold in just 8 days.
While the October condo sales performance is outstanding, we believe it could be eclipsed in the final months of 2017. The reason is twofold: new federal mortgage regulations coming into the market in January 2018 that will require all buyers to qualify at higher lending rates than are actually available; and an increase in foreign home buyers, many of who are now focused on the white-hot condo sector. Foreign buyers now account for 5% of home sales, the highest monthly level since the foreign-home buyer tax was introduced in August 2016. There is also a third driver of Vancouver condo sales: investors attracted both by price appreciation (the typical city condo has increased in value by more than $75,000 in the past year) and the opportunity to rent condo apartments into the best landlord environment in Canada. If you are condominium owner considering a sale, we advise listing right now.
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