As usual the latest market stats will appear in my monthly Stilhavn newsletter. If you are not a subscriber and would like to be, please let me know. This below is my personal take on what’s happening out there.
Given everything that has been thrown at it, most notably more interest rate increases when we were all hoping that was over, Vancouver’s real estate market continues to demonstrate extraordinary resilience. Inventory in the city remians tight with potential sellers hunkering down rather than panic selling.
The federal two year ban on foreign buyers of residential real estate in Canada (which came into effect in January) has definitely impacted certain sectors of the market here though, most notably luxury condos Downtown and specifically in Coal Harbour. Many newer luxury towers are simply beyond the financial reach of most local buyers, so either the prices will have to correct significantly or sellers will wait it out and hope that off shore buyers are permitted and wish to return at some point. My guess is that the former is more likely, at least in the short term.
Other market sectors continue to hold firm and competing offers have become commonplace again over the past few weeks. Some of the most competitive this spring/summer have been detached homes in East Van especially the Main Street corridor, condos with good outdoor space from Kitsilano to Mount Pleasant, and older condo buildings in areas like the West End which saw long standing rental restrictions overturned last year.
All the best,