Vancouver Condo Crash in the Making?
Has the East Vancouver condo market finally caught up with reality? Is a market correction coming, or already in the works? Based on the information below, the rolling average in the Landcor chart shows a steep decline with a downward trend in pricing. Fingers crossed for buyers and anxiety for homeowners and sellers...
Here’s something I was wondering about. I heard anectdotally that Vancouver east side condos seem to be on a downhill slide as far as price goes. This morning I was reminded to check it out, typed in Vancouver East, apartments, pushed refresh graph. Waited. Looked at the graph. Wow.
Other areas really don’t show so much weakness (I looked at a few) but Van East apartments looks like its in bust mode already. Looks like a 15% drop in HPI from peak. That’s a big deal.
Now before anyone accuses me of going all “Chicken Little” over this one piece of data, let me be clear about my point: The only reason for this drop in HPI that I can ascertain is plain old supply & demand. Too many properties for sale, not enough buyers with the required $$.