Downtown condo inventory has been on a rise since December and is now at the highest level its been in 5 years. In August there were 394 downtown condo listings, an amount exceeded last in July 2015. Other neighbourhoods like Yaletown, West End, and Coal Harbour are also experiencing similar trends of high inventory coming into the last quarter of 2020.
When looking at condo sales we can see that Downtown, Yaletown, and West End sales all softened in August, while Coal Habour sales increased. All of these neighbourhoods had seen sales tumble in April at the beginning of the COVID pandemic and then begin to rebound but inventory has been outpacing sales.
Median sales price trends for downtown condos were more varied with downtown and the West End seeing slight gains in August and Coal Harbour and Yaletown experiencing dips as seen below.
September's statistics already indicate that inventory is continuing to climb as are sales over the previous month which is typical for the fall market. Historically low interest rates will drive some demand into the market but a potential second COVID shutdown could derail any sales recovery.
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