Prices are going up again. What does this mean for the future of Vancouver's housing market?
The Vancouver real estate industry reported another month of higher sales and prices in September and continues to defy dire predictions of a pandemic-induced downturn.
But some analysts point out fragile aspects of the market, such as a rising condo inventory and falling condo prices.
The number of real estate sales in B.C. year-over-year in September increased 63 per cent. The average residential price in B.C. increased by 15.3 per cent compared to last year, and set a monthly record of $803,210. Total sales dollar volume in August increased 88 per cent compared to last year, according to the B.C. Real Estate Association, which represents real estate agents.
The Canada Mortgage and Housing Corp. has been in a high-profile clash with some in the real estate industry over its prediction of double-digit percentage price drops in markets such as Vancouver.
The federal government housing agency, which has tightened underwriting policies for high-ratio borrowers, has also been vocal about the danger of fuelling the stress of home ownership in expensive markets for buyers with uncertain financial prospects in a weak economy.
More on: vancouversun.com