(April 03, 2020
The housing market collapsed in May 2016, The Real Estate Board was still saying the market was fine until Aug 2017. Prices began to collapse just as our Government put forth the first of their unreasonable taxes in Aug 2017. Our Condo market which is a combination of town houses and apartments peaked in Feb 2018. My Condo charts go back to 1989, our best year was 2015 with 315 sales in West Van, worst year was 1998 with 148 sales and the average sales since 1998 is 248 per year and average since 2000 was 264 sales.
In 2019 we had 154 sales , only 6 above the worst of all time. The housing market hit bottom in the fall of 2019, the condo market hadn't hit bottom yet. 2020 started off about the same as 2019 for condos and the house sales were much better than last year.
March 2020 comes and the virus takes over. Our RE Board on April 1 announces the sales for March. Unfortunately the Board stats are never counted correctly and just report how many deals were handed in March no matter what month they were actually written. They will probably be about 35% incorrect. April will give us a better picture.
Condo prices have fallen about 25% from 2018 until now. However I just had a recent sale where the Buyer over paid by $700,000 because they simply had to have the unit and had the capacity to do it ( about 20% over the actual value.)
The next few months are going to be a great time to buy.