Vancouver Condo

Nearly 60% of Vancouver Condos Sold Over Asking Price in June

Steve Saretsky -

Multiple Offers Surge for Vancouver Condos, Particularly on the East Side

The Vancouver condo market continues it’s upwards surge into parabolic territory. In my Vancouver Condo Report June 2017 I highlighted that new listings fell year over year, and inventory plummeted 20% year over year. This has created a flurry of bidding wars, price discovery has been thrown out the window.

Multiple Offers Increasing

Multiple offers seem to be expected on just about any condo. Sales over asking price have been rising. In June, sales over asking price for Vancouver West condos hit 54%, that’s above last years 49%.

Not included on this chart is the East side of Vancouver, where the madness was even more severe, 143/237 condos sold over asking price, or 60%.

Sales to Actives Ratio Still Increasing

The sales to actives ratio hit a whopping 82% in June which is indicative of an insanely hot sellers market.

Days on Market Still at Record Low

Naturally, days on market has remained low, currently sitting at 8 days. The standard procedure of listing it and giving it one week exposure before multiple offers is very prevalent. Buyers are being forced to speed up much of their due diligence and come in subject free in many cases.

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The Canadian Economy

Steve Saretsky -

Happy Monday Morning! We got a string of new data this past week confirming inflation in consumer goods, and housing are proving to be more than transitory. Canada’s consumer price index continued to drift higher with prices hitting an 18 year high, up 4.7% from last October. The recent floods in BC...

Steve Saretsky -

The calls for impending interest rate hikes continues. CIBC’s chief economist, Benjamin Tal, was out recently suggesting the Bank of Canada could hike its benchmark interest rate at least six times beginning in early 2022. “I think there is a risk of getting into the market at today’s rates,” noted Tal....

Steve Saretsky -

The BC Government announced it is looking at several cooling measures for the housing market in 2022. They have highlighted two measures. The first is an end to the blind bidding process, and the other is a mandatory “cooling off period” which will allow any buyer a 7 day recession...

Steve Saretsky -

The Bank of Canada continues to slowly drain liquidity after flooding the system with a firehose of cash during the pandemic. Bank of Canada governor Tiff Macklem announced the end of Canada’s QE program (also known as money printing). Furthermore, in Macklems words, “We expect to begin increasing our policy...

Steve Saretsky -

Consumer price inflation ripped higher in September, surging 4.4% year-over-year, the fastest pace of price increases in 18 years. Let’s discuss this further. We have an inflation problem and the Bank of Canada remains of the view that inflation will be transitory. Although they really can’t say otherwise, for if...

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The Saretsky Report. December 2022