Looks like interest rates are rising and …
"Vancouver Condo Inventory Jumps 73% as Sales Fall to Six Year Low
… With sales just 3% higher than September 2008, when the global financial system was completely falling apart, the slowdown this year comes amidst relatively healthy and stable economic conditions. Unemployment across BC is near record lows, while wage growth and population growth remain rampant. Interest rates, although rising, are still negative in real terms. This certainly begs the question about future vulnerabilities considering unemployment has almost nowhere to go but up, economic growth is slowing, and the Bank of Canada seems determined to push interest rates higher.
The recent weakness in sales has now pushed inventory considerably higher. Condo inventory in the city of Vancouver jumped 73% from a year ago. While inventory still remains low from a historical context, a few more months of weak sales will likely push inventory to levels last seen in 2014.
With a record high 42,000 units under construction and over 30,000 housing starts having just broken ground, inventory will almost certainly push much higher..."
https://vancitycondoguide.com/vancouver ... -year-low/