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Faith’s Condominium Report
Even after more than two decades in Vancouver’s real estate industry, I remain awed by what has happened in the city’s condominium apartment market over the past two years, especially in the past year. The numbers are simply amazing. Since January, 3,252 condominiums have sold in Vancouver.
More than 1,000 condos were purchased in the past two months at an average price of $850,000. In November, 85 condos were sold in excess of $1 million each and, across the city, 14 condos sold every day. The typical new listing sells in about nine days and prime properties continue to attract multiple offers. This market has reached an entirely new altitude.
Part of the reason for the incredible market performance is that investors have fallen as much in love with condos as first-time buyers, families, downsizers and retirees. And why not? A typical Vancouver condo apartment has increased in value by 65% in the past three years and is up by more than $18,000 in the past three months. And investor condos can be quickly rented for steady, long-term income.
Now a condominium shortage is looming that could push values even higher. Despite record construction, the inventory of new, unsold condos across all of Metro Vancouver has plunged to just 1,800 units, down 84% from the 2013 peak. As well, 11 months into this year, condominium starts in the city of Vancouver are 58% lower than a year earlier. In November, new listings for resale condos were down 17.7% from November 2016 while benchmark prices were up 20% to $757,400. The message to buyers is clear: the value of condominiums in the city of Vancouver will continue to rise as the demand increases and the supply declines. The unprecedented surge of Vancouver’s condo market may just be getting stared.
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