Hot Condo Market Approaching Metro Vancouver

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According to a new report by Dexter Realty, the condominium housing market in Metro Vancouver could see the largest upswing in years starting this spring. In the past, Covid-19 regulations issued by the government significantly impact central areas of the region, thus tempering the condo market.

However, despite a 21% increase in new listings in February, there is a “chronic shortage of townhouses” in Metro Vancouver. As a result, the demand for condominiums, which are the next relatively affordable option besides townhouses, also increases, especially with the confidence of vaccinations and the return of foreign students.

The sale of condominiums has already increased to an average of 62 sales daily, and the average days on market is 33 days, down from the previous average of 44 days in January 2021. In addition, according to MLA Canada, condominium launches are expected to accelerate over the coming months.

Due to the lack of condo construction in 2018 and 2019, followed by the pandemic last year, it is expected that the supply shortage of condominiums will escalate beyond 2021. Thus, Anxin Projects thrives to provide more affordable and livable units to the market.