This Greater Vancouver Condominium Market Overview for December, 2011 was compiled by Strategics, a Vancouver-based company providing information and analysis since 1981 helping to minimize marketing risk for apartment condominium developers, lenders, project marketers and investors.
It shows enthusiastic demand for high-rise, low-rise and townhouse condos most places in Metro Vancouver in the lower price ranges.
Greater Vancouver Condominium Market Overview - December, 2011
by Frank Schliewinsky, Strategics' Vancouver Condo Report
November was "buy a condo month" in Vancouver. It was almost as if after having read the news that the Vancouver housing market was "frothy" and at the "lower end of balanced", that buyers said, "Don't know what that means but sounds good to me. Time to buy a cheap condo." November sales, especially high rise sales, beat expectations and were up in many markets with the demand being for smaller, less expensive units.
Interestingly, the markets with the biggest declines in average MLS® high rise selling price in November were Downtown and Westside Vancouver and Richmond. And Richmond didn't have much of an increase in sales. So what's this all mean? Are Chinese buyers no longer snapping up trophy properties? Have buyers realized that smaller, less expensive units actually have a resale market? Or perhaps buyers are just playing catch-up after staying out of the market for a few months?
Readmore and see detailed breakdowns by area and type of unit
