The Vancouver Real Estate Market, and condos in particular will have very good prospects with 70-80 per cent share of Vancouver’s total housing sales – dramatic proof that the “virtuous circle” of density and amenities supporting each other’s urban growth is an unstoppable trend and not a bubble, according to a Royal LePage report.
However, “what the report clearly points to is that household formation – people who are buyers – is tracking very closely to the rate at which condominiums are being constructed, and that all those cranes in the sky, all those buildings, are actually needed to house future home buyers. … Yes, in the short term, not as much in Vancouver, but more Montreal and Toronto, there’s going to be an 18- to 24-month oversupply. But in the longer term, because these projects take so long to come on board, we’re probably going to be racing to keep supply up to demand in the big cities,” says Soper.
Read the Report Here