On where he sees the market right now: Looking forward to 2019, Richard is…
Eitel Insights’ long-term forecast for the Condo market in Vancouver:
Eitel Insights has recently released their analysis on the Condo Market in Greater Vancouver. At this time, the condo market has peaked and there will be no more price increases. There was a growth phase from Q4 of 2016 to Q2 of 2018. The top average price was $750K. We are currently seeing a base of $650K threshold where the condo market will begin to test this price. The definitive downtrend will need to establish itself over the next couple of months. The bottom will be the same as Q4 2016, which will be $550K. When this price is reached, the market will eventually start to run again. The condo market timelines will lag the detached market and take a bit longer to turn around. Overall it will be approximately a 30% decrease in prices. The condo market is currently at the end of the golden cross scenario but will enter a death cross scenario soon.
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Dane is the founder and lead analyst of Eitel Insights, a real estate analytics firm based in Vancouver. Eitel insights has recently released analytics on the detached housing and condo markets in the greater Vancouver area.