Vancouver downtown condo market starting to balance out

Vancouver’s downtown condo and townhouse real estate market in April  saw a significant increase in inventory and continued sign of a slowdown  but remains a Seller’s market especially for one bedroom condos. The West End, Downtown,Yaletown, and Coal Harbour neighbourhoods all similar in market strength. 

The overall list to sales ratio for downtown was 36%, down from 47% in April this year. 

Here’s the breakdown for Vancouver Downtown condos and townhomes in April:

  • The most active price range was for homes between $500k-$600K (95% sales to list ratio) and homes $1M to $1.25M (56% sales to list ratio) Same as last two months.
  • Homes are selling on average 1% below list price (down from at list price prior month).
  • Buyer’s Best Bet: Homes between $700K to $800K, and $3.5M to $4M and $5M plus Yaletown.
  • Seller’s Best Bet: Selling Homes in West End and up to 1 bedroom properties. Same as last two months. 

In April this year Vancouver downtown condo inventory rose substantially for the second month, total sales rose slightly, while benchmark sale prices were flat.

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*Buyer’s Market 1-11%, Balanced Market 12-20%, Seller’s Market 21% and up.

All stats derived from Dean Wegman & SnapStats.