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Vancouver Condo Crash in the Making?
by DoctorOk | April 8, 2008 at 04:16 pm | 1008 views | 4 comments
Has the East Vancouver condo market finally caught up with reality? Is a market correction coming, or already in the works? Based on the information below, the rolling average in the Landcor chart shows a steep decline with a downward trend in pricing. Fingers crossed for buyers and anxiety for homeowners and sellers...
Here’s something I was wondering about. I heard anectdotally that Vancouver east side condos seem to be on a downhill slide as far as price goes. This morning I was reminded to check it out, typed in Vancouver East, apartments, pushed refresh graph. Waited. Looked at the graph. Wow.
Other areas really don’t show so much weakness (I looked at a few) but Van East apartments looks like its in bust mode already. Looks like a 15% drop in HPI from peak. That’s a big deal.
Now before anyone accuses me of going all “Chicken Little” over this one piece of data, let me be clear about my point: The only reason for this drop in HPI that I can ascertain is plain old supply & demand. Too many properties for sale, not enough buyers with the required $$.
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April 8, 2008 at 04:16 pm by DoctorOk, 1008 views, 4 comments
Author
Crowd Power
one42chrisp
Edmonton (East North Central / West Beverly), Alberta, Canada
DoctorOk
Vancouver, Canada
kennylouie
Canadadavidjlaporte
Canadated.sali
Canadabanter
Palo Alto, California, United StatesPat Z
Canada
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Comments (4)
at 16:45 on April 8th, 2008
Looking back towards downtown Vancouver from the Granville Bridge.
banter has contributed a photo to this story.
at 16:46 on April 8th, 2008
DoctorOk, I like this story. It's good stuff.
- reply
ted.saliat 09:10 on April 10th, 2008
Downtown Winnipeg.
Another growing Canadian real estate market. What will happen here if the other markets crash?
ted.sali has contributed a photo to this story.