Vancouver condo

Vancouver Condo Prices Slip 7.5% Year-over-Year in March

Steve Saretsky -

Similar to last month, the Vancouver condo market once again reported the fewest monthly sales in eighteen years. Sales took a steep drop, falling 35% year-over-year as they play catch up with the detached housing market.

March condo sales Vancouver
City of Vancouver Condo sales in March

Given the lack of sales this allowed inventory to nearly double, growing 94% from last year. While the rapid pace of inventory growth is concerning the months of inventory remains balanced at just under 6 months. However, given new listings continue to grow and there are still over 40,000 units under construction in Greater Vancouver we expect inventory to continue trending higher which will surely place added price pressure on the condo segment.

Months of Inventory

As we can see, with lower sales and rising inventory price pressures are already building. Condo prices fell 7.5% year-over-year. The average price per square foot now shows an 11.5% decline from last year which is right in line with what we are seeing from a feet on the ground perspective.


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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