VANCOUVER (NEWS 1130) – Vancouver’s residential real estate market is at standoff that doesn’t appear to have an end in sight.
The city saw a 26 per cent drop in sales of all types (condos, attached and single family homes) last year over 2017 and that has created two diverging points of view, says Sotheby’s International Realty Canada President and CEO Brad Henderson.
“There are more properties on the market than there are buyers and there is a mismatch between buyer expectation and seller expectation. So sellers think that the market isn’t as bad and buyers have an opposite view — they think the market is going to continue to correct and therefore prices will be lower in the future.”
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Sales in the city’s condo market did dip, but it remains the most affordable and resilient option. Meanwhile, Vancouver’s single-family home market registered a third consecutive year of declining sales activity.
The firm’s newly-released 2018 Year End Real Estate Report points to a “barrage of government and regulatory interventions compounded by gradual mortgage rate hikes” for the slowdown in sales of homes over a million dollars.