Inflation, rising interest rates create caution across Metro Vancouver’s housing market VANCOUVER, BC –…
High-profile real estate developers, marketing executives and real estate agents are bracing for a sustained downturn in the housing market after sales in April – usually one of the most active months of the year – plunged by double-digits across Metro Vancouver.
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Vancouver lawyer Richard Bell, executive vice-chair and founder of Avesdo Inc., told a real estate seminar May 8 that the Vancouver new home market has seen an “incredible run over the past 10 to 15 years.” But, he added, “We all knew it would come to an end and the end is nigh.”
In April, just 43% of pre-sale condos offered in Metro Vancouver sold, compared to 94% in January, 83% in February and 63% in March, said Cameron McNeill, a partner in MLA Canada, the real estate marketing firm that hosted the Pre-Sale Pulse seminar at Olympic Village.
In the resale sector, April sales of detached houses plunged 34% through the Real Estate Board of Greater Vancouver, compared with a year earlier, while townhouse and condo sales were down 25% and 24% in the same period.