Condo resales on the rise in Vancouver and Victoria

Condos | BCBusiness

Condo owners looking to sell their units in B.C.’s major cities can breathe a little easier, according to a new report on the state of the condo market by the Conference Board of Canada

Resale volumes of Vancouver condos will see a modest increase in the medium-term while Victoria’s market will experience a reprieve after “several years of decline.” That’s according to a new Conference Board of Canada report commissioned by Genworth Canada.

The study also conluded that prices in Victoria will increase over the next few years while in Vancouver they’ll stay flat. Immigration growth, baby boomers downsizing and affordability pressures are all contributing factors in the current demand for urban condos.
“Despite fluctuating sales and listing trends, markets are expected to be balanced across the country, with a slight lean toward the buyer in Ottawa, Montreal and Quebec City,” said Robin Wiebe, senior economist at the Conference Board of Canada and co-author of the report, in a release.  
Of the eight cities the report examined, Calgary will experience the highest increase in prices, at 6.6 per cent this year and 3.5 per cent in 2015, while Montreal can expect the lowest, at 1 and 1.7 per cent respectively.
Genworth Canada, which commissioned the study, is an insurance company that specializes in mortgages.