Quote:
Originally Posted by blankall
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.
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The BC government announced they'll restrict Best Terms Pricing from insurers last December.
It hasn't fully been implemented yet but that should help the insurance premium costs.
Should add that condo sales are definitely not depressed right now. Plenty of multiple offers going on and 2 notable high rise presales just sold out the entire towers in 4-5 days.