Some buyers that bought pre sale say at 700k maybe put down 120k and now the units are worth 600k and can only get a mortgage for 600k, have to come up with the extra 100k.
Lots of the supply is tiny condos that are not as desirable as a house for having a family.
the clamp down on Airbnb has also hurt the market for these tiny condos.
Also canada reduced the rate of immigration so demand isn’t increasing as quickly. The population of British Columbia decreased.
A hotel in Vancouver for a night in the summer is $400+
Some buyers that bought pre sale say at 700k maybe put down 120k and now the units are worth 600k and can only get a mortgage for 600k, have to come up with the extra 100k.
Lots of the supply is tiny condos that are not as desirable as a house for having a family.
the clamp down on Airbnb has also hurt the market for these tiny condos.
Also canada reduced the rate of immigration so demand isn’t increasing as quickly. The population of British Columbia decreased.
A hotel in Vancouver for a night in the summer is $400+