A new survey that looked at condo prices across Canada has been released, and when it comes to Vancouver, the results are less than encouraging.
In fact, the survey, conducted by Altus Group, found there were no condos being sold for less than half a million dollars in Vancouver.
The survey “took a deeper look into the 2017 figures to compare what buyers with a budget of CAD $500,000 could afford in the downtown areas of the various markets across Canada,” according to a release.
“In downtown Vancouver, we were unable to find any new condominium apartment units offered for $500,000 or less,” Altus said.
In fact, the survey noted, “buyers would need to go into nearby markets like Burnaby to find projects offering one bedroom units at this price point.”
Altus said that while key markets saw sales in the new condo market either exceed or fall just slightly below their 2016 levels, “Vancouver was an outlier last year with a marked decline in overall unit sales, impacted by the sharp drop in new condominium supply coming onto the market.”
However, the 10,939 units sold in 2017 represent a remarkable 90% sales rate of all new inventory introduced into the market in 2017.
All told, Vancouver remains “the tightest new condominium apartment market in the country and sales levels are not reflective of underlying demand, which remains very strong.”
Well, back to our closet.