Sunrise presented by Vancouver Sun
Andrew Lis, an economist with the Real Estate Board of Greater Vancouver, wasn’t surprised by the market slowdown. What surprised him was on “the pricing side. I think a lot of people might have thought that prices would come down more than they have.” “Buyers who were looking to take advantage of the increasing rates to get a deal didn’t have much to look at. Even the inventory numbers are a little bit misleading because a lot of it was stagnant product that was overpriced and had been sitting there for months.”One reason for the lack of product is the market’s resilience, said Lis.
Lis is seeing some differences in the markets for condo and attached homes versus detached homes, with the former “a little bit stronger in terms of stability and prices. On the detached side, it’s a little bit more of a challenging space for many because of the price point.”Article content“They tend to have a lot more equity, and so they may be able to wait longer.