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An exceptional number of condos, 2,964, invaded the market in July. “Metro Vancouver experienced its biggest monthly inventory increase in half a decade,” Punwasi said in a recent analysis.
“Everyone had the same idea – to sell, in June. … New listings are entering the market at such a rapid rate that they destroy the price gains. “
In July, the Metro Vancouver Real Estate Board reported that July condominium prices were on average $ 680,000. This is down from the high of $ 740,000 two years earlier.
Given the muted condo scene in Metro Vancouver, Punwasi also noted that “presales” of units yet to be built were down 50 percent in June compared to the same month last year. Many developers, he says, are delaying the start of construction projects.
It is difficult to keep up with the many divergent changes impacting the Canadian housing market. There are so many changes in the COVID-19 era that even analysts such as Saretsky are known to say the reality sometimes seems “impenetrable.”
Despite how the single-family home market operates differently from the condominium market, Wong is among those who are not optimistic about what he sees as the end result: whether Metro Vancouver will become affordable in the future. , including for her son.
“Our government is doing us no favors,” said Wong, who felt compelled to join Housing Action for Local Buyers, an ethnically diverse group of British Columbians who advocate for more affordable housing for ordinary people.
As the federal government “prints billions of dollars” and banks offer loans at very low interest rates, Wong believes “that in the end the money will get to the ultra-rich and they will park their money. In the real estate”. It won’t help most young families.
COVID-19 has complicated the urban housing scene enormously. Regardless of its chaotic impact, it seems clear that a series of regulatory measures will still be needed to help make Metro Vancouver housing affordable for many of those who live and work here.