Housing Marlet Update From England
"The fall in house prices has accelerated in England and Wales, according to the Land Registry".
Its latest report shows that prices fell by 1.9% in August, taking the annual rate of price deflation to 4.6%.
The figures mean that the average property now costs £174,493; £8,320 less than a year ago, with £3,871 of that drop occurring last month.
Prices in London fell by 3.2%, the first monthly fall since the Registry started publishing its figures in 2000.
Asset Price Deflation?
Canada had been experiencing a low down in residential real estate sales for the past 5 months, with many provinces registering price declines year-over-year. This trend on real estate price decline that started in the USA, has spread over to Australia, New Zealand, UK, Spain, Turkey and other countries.
Over Supply Of Condos in BC?
Canada may be able to withstand the price decline better than the US and UK. The extend of the price correction eventually is determined by the supply-demand by home buyers. With the large supply of homes currently available for sale, coupled with huge price gains over the past 6 years, double digit price correction may be expected.
In BC, the biggest build-up in inventory is multi-family condos and townhomes developments. The slowing down in sales for resale new condos in Downtown Vancouver is now showing up in price weaknesses. One bedrom new and near new resale condos at Spectrum Towers that sold for $350,000 to $360,000 last year can now be bought at $290,000 to $320,000 range.
Good Time To Buy Now?
If you are planning to buy a condo, this can be the best time to start looking at the deals available around you. You may be lucky to buy a Downtown Vancouver resale new or almost new condo at $500 per sq ft or less. There are many condos that are priced significantly less than their selling prices a few months ago.
Please contact me at 604-721-4817 for more information on finding a great deal in downtown Vancouver. Or send me an email me on available condos for sale in Downtown Vancouver.
