This week showed that some sellers are now lowering their prices to get traction on units. Initially this was mostly overpriced units coming into the reality of the softer market. But now it seems the trend may be suggesting a minor correction at least on urban condos. A viewpoint unit is now priced at $495,000 and that is pretty low for that development.
The economy is now officially in recession after the second straight quarter of GDP decline, but real estate inventory at least locally is still relatively tight with about a month and a half available. If inventory levels remain below four months the real estate market should weather the storm well. Downtown and the Waterfront are still booming with large construction projects that should keep workers employed for a few years.
The New Seasons market is now under construction at 15th and Main. I’d expect a 12-18 month construction period and it can’t come too soon as the city center has been screaming for a proper super market for years. Timberhouse at Block 3 on the Waterfront is nearing top out. That building will feature 227 apartment units. Aegis at the Academy phase one is finishing up exterior cladding with interior buildout likely underway inside. Hurley is well underway with excavation for the full block Adera project with 180 apartment units.
Overall and all things considering Vancouver is looking good.