With all the bad news lately in the newspapers I thought to update the absorption rates in the Greater Vancouver area for condos.
So what does the following chart say. Well, for example, the absorption rate for NorthBurnaby has gone from 8.18 to 9.24 in the last month.
That means that it will take on average 9.24 months to sell a condo in North Burnaby. East Burnaby looks the best, but it is a very small sample. The aren't too many condos being built or resold in East Burnaby.
On the other side of the market, West Vancouver condos have gone from 12.57 to 14.2. It will take on the average to 14.2 months to sell a West Vancouver condo.
Vancouver West, where most condos are being built and re-sold, the absorption rate has changed from 7.83 months to 8.95 months since September 23rd. On the interesting note, the number of condo listings on September 23rd were at 2374 and on October 24th, 2399.
This fact alone, with the listings not increasing by great numbers will keep the market somewhat balanced.
If you are looking for a condo to purchase, it is most important to be aware of all the market trends and signs, so that you are fully informaed and totally prepared before making an offer. A good Realtor will guide you trough the process to a successfull conclusion.
On the other hand if you are selling, you must also be aware of all the market moves. You got a lot of competition and must be prepared.