Jul 05 2008
604homesblog author Matthew Collinge seems to be hedging his bets, but Yatter Matters’ real estate writer Larry Yatkowsky has called it: Vancouver is a buyer’s market. Larry’s caveat that we’re still seeing single-digit growth in prices from year to year can’t mask the reality that sellers are being forced to offer price reductions if they want to actually sell property.
My wife and I just looked at a Yaletown condo where the seller has dropped his price by nearly $80,000. This is a substantial decrease, but the problem is that the property was overpriced to begin with: a one-bedroom plus den (750 square feet) for $600,000.
Even closer to half a million dollars, that’s still a hefty premium to pay for a nice location and free access to a shiny new fitness club. It may be a buyer’s market, but it ain’t cheap. Those who want to own in Canada’s most desirable neighborhoods are still going to have to pay for it.