All eyes are on the condo market as new mortgage regulations kicked in beginning in January. The reality is most buyers are on locked into rate holds for 120 days so the true impacts of the new rules likely won’t be felt until much later this year. If you read last months condo report you may have noticed some panic buying in December as buyers rushed to secure properties prior to the New Year. January appears to be more of the same, with record low inventory levels, desperate buyers, and bidding wars pushing prices higher. Vancouver Condo Sales Vancouver condo sales increased by 8% on a year over year basis and remain surprisingly robust despite continued policies aimed at cooling the market. For the month of January condo sales were 3% above the 10 year average. Vancouver condo sales using a 6 month moving average appear to be slowing after peaking in early 2016. New Listings/ Inventory Levels Vancouver has been unable to solve the mysterious case of new listings, which hit a decade low in January. New listings plummeted 9% year over year and were a staggering 30% below the ten year average for the month of January. Vancouver inventory levels
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All eyes are on the condo market as new mortgage regulations kicked in beginning in January. The reality is most buyers are on locked into rate holds for 120 days so the true impacts of the new rules likely won’t be felt until much later this year. If you read last...
The views expressed are those of the author, Steve Saretsky, an Oakwyn Realty REALTOR®, and do not necessarily reflect those of Oakwyn Realty. It is provided as a general source of information only and should not be considered personal investment advice or a solicitation.