April 2019 Market Update
When broken down, the monthly stats for April showed the following. Prices in Vancouver East and Vancouver West, both condos and detached homes, are all following fairly similar patterns right now – down 1-2% vs March 2019 and down 10-12% vs April 2018. However when it comes to the numbers of current listings, detached homes in the city are down over 30% from a year ago while condos have crept up by approx 5%. This could suggest that the detached market is finally starting to turn around, as we reach nearly 3 years since the Foreign Buyer Tax was introduced. Condos are a little earlier in the cycle but it seems unlikely that they will go through the same level of price correction that hit the detached market, except perhaps in the luxury sector.
With the strongest activity being at the entry level of each bracket, this is the ideal time to be considering a move up in the market, most notably from a one bedroom condo to a two bedroom, or from a townhouse to a detached home.