Wednesday, October 28, 2020

Tag: Vancouver Housing Bust Steepens

Vancouver Housing Bust Steepens, Bank of Canada Welcomes “Froth” Coming Off

by Wolf Richter, Wolf Street:

“It is their interaction with froth that matters most. How much a housing market adjusts depends on how much froth there is”: Poloz

Across Greater Vancouver, British Columbia, sales of all types of homes so far this year through April plunged to 6,212 homes, the lowest count since 1986, as the market is freezing up.

The condo quagmire.

In the city of Vancouver, condo sales – the largest segment of the market – plunged 30% in April from April last year, to merely 348 condos, the lowest since 2001, even as inventory for sale jumped by 75% to 2,191 condos. At the current rate of sales, supply soared by 168% year-over-year to 6.4 months.