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Are the May 2017 Vancouver Condo Stats Showing a Correction?

Blog by Ian Watt | June 8th, 2017

Ian Watt blogs about how the average sale price for a Downtown Vancouver condo dropped from $849,000 to $770,000 in one month as the higher end is starting to slow down.

Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. The May statistics are in and guess what? Time for changing so in April the average sale price of a condo in Downtown Vancouver with $849,000 and in May 2017 it’s dropped for almost $80,000 dollars to $770,000 dollars. Why? Well, first of all everything under $800,000 dollars is almost selling a 100% on the time but everything over $1.5 million is totally slow down. Why? Because we’re not seeing the mad rush of chinese buyers anymore that’s pretty much done because it’s really hard to get the money of the china now so if that’s done it’s slowing that market down but everything under $800,000 all the selling Canadians that are getting highly leverage are buying all that stuff up but nonetheless the average is drop from $849,000 dollars in April to $770,000 dollars in May. Inventory is up, the amount of sale is up, the average sale price is down significantly. Is this just a blip or is June gonna have the same coalition that made it, is this a correction? or just a blip. My name is Ian Watt if you have any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!