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Originally Posted by Winsor_Pilates
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.
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The condo real estate market in Vancouver is turning. Like I said earlier, from what I observed during my purchase was that houses got hit by massive demand in early January and since then the demand has been shifting down to towhouses, multi-bed condos, 2 bed condos, to single bed condos, as people get priced out of their more idea option.
There's still a lot of places sitting, in downtown especially. I own a unit downtown, and there are 8 units sitting. Typically units do not sit at all in my building. There's definitely a lot more available with condos, generally. The prices of condos, especially downtown, are not keeping pace with price of other inventory.
I think the "multiple offers" thing is a bit of a game. It seems like the real estate agents have just started purposely underpricing listings to encourage multiple offers. This a practice ubiquitous in Toronto and somewhat common in Vancouver in the past. Now, it's become the norm in Vancouver.