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Originally Posted by peter12
Market seems to be steadying a bit here in Vancouver. We lost our bid to a cash offer, but it may have been a good thing as our original offer was probably an over-pay.
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Condo sales in Vancouver remain depressed due to low occupancy in the downtown core and the insurance crunch. Personally, I think it's a good time to buy an entry level condo. But obviously, who knows what will happen in the future.
The insurance crunch is an issue across the board in Canada. Most stratas have starting upping their deductibles massively. There's only a few insurers actually providing enough insurance, and the ones that have have upped their rates substantially.
We won't know how the real condo market stands until after Covid restrictions are lifted and international occupancy increases again.