Skip to content
Join our Newsletter

Looking to buy a Vancouver condo? Good luck…

Desperate shortage of listed condo units makes for stiff competition and multiple-offer scenarios
REW July 6 stats

The desperate shortage of available condo units for sale in the City of Vancouver is the reason behind soaring condo prices and rising transaction volumes, despite Vancouver’s overall slowing sales as the traditional summer lull begins.

There are 915 condos available for sale within Vancouver’s city limits as of July 6, which is nearly 40 per cent fewer than the number of detached homes available for sale. Yet in the past week, there have been twice as many condo sales as single-family home sales – a trend that is typical at the moment.

Demand for condo units has been rising steeply in the past couple of years, as detached home prices soared out of reach for many. Now that demand has hit all-time highs.

REW July 6 stats

Across the whole of Greater Vancouver, the sales-to-active listings ratio for the entire market is 45.7%, according to the Real Estate Board of Greater Vancouver (REBGV). A seller’s market occurs when the ratio is above 20% for several months.

But when you break down that figure by property type, for condos, the ratio is a staggering 93.2%.

“Home buyers have more selection to choose from in the detached market today while condominium listings are near an all-time low on the MLS®,” said Jill Oudil, REBGV president. “Detached home listings have increased every month this year, while the number of condominiums for sale has decreased each month since February.”

She added, “Competition for condominiums is creating multiple-offer scenarios and putting upward pressure on prices for that property type.”

Unfortunately for would-be buyers, there is little relief to be found outside of Vancouver’s city limits. Although prices tend to be lower, the inventory volume is no better. Across the whole of the REBGV area, as of July 6, there are just 2,204 condos available for sale, and only an additional 685 units when you add in the whole of the Fraser Valley region.

 

Joannah Connolly is the editor of REW.ca where you can find more news about real estate in Vancouver.