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Top 25 Real Estate Agents in Vancouver West,Downtown Vancouver and West Vancouver. Buy & Sell residential homes, property management, pre-sale and more.

Is Vancouver Condo Market Going Down in 2013 or Later?

There are a lot of concerns about the condo market in the Vancouver real estate market recently; it is triggered by the increasing of the new construction condo projects in recent years.

Vancouver-Cambie

Vancouver along Cambie

For example, along the Cambie, there are 28 condo buildings projects will be constructed in Vancouver recently, many high-rise buildings under construction near the Olympic Village of False Creek, there are new condo projects at UBC area and so on so force. It can be said as massive construction projects in the Vancouver area, many new condos under construction.

So people start to worry that oversupply situation will appear soon at the Vancouver condos market, which will affect the overall price of them.

I have the same worry, but the reality is that the condo sales are pretty strong in Vancouver.

For instance, there are a few hundred units at the MC2 building which is located at the cross road of Marine Dr at Vancouver westside and Cambie Street. All the one-bedroom units were sold out before the opening; as well as most of the other units have been sold too. There are big queues at the opening day. For another example, the Elizabeth Building (near the Elizabeth Park) which belongs to Mocaic development company sold out extremely quickly. These phenomena can explain that condos in good locations will get favour from a lot of people and then become popular.

In addition, there are some factors that can support the strong demand of the apartment in Vancouver, such as aging problem in Vancouver; the condos will accommodate demand for housing for this aging urban. For another example, Vancouver is gathered around by many local and international students, as well as local young people or couples who want to live closely to the downtown with convenient transportation. Their financial capacity cannot afford single house or townhouse, but they can afford a small condo of three or four hundred thousand dollar. So these factors would strongly support the condo market of Vancouver to be developed healthily for at least a couple of years.