If you take a walk around Vancouver’s downtown core, you’re bound to notice that the skyline is filled with cranes and the ground is filled with large holes — marking yet another apartment or condo construction site.
Your eyes aren’t deceiving you. There are currently 59 developments under construction in Greater Vancouver and another 106 in pre-construction.
An article by Global BC wondered whether the Greater Vancouver area is becoming over-saturated with condos.
In the article, Cameron Muir, B.C. Real Estate Board economist says “no”. He notes that “prices have been pretty flat since 2009. There’s ample supply in the market place, but we are seeing prices at a steady pace.” He went on to note that “it’s a function of land supply.”
Whether you’re a developer or future home owner, things are looking busy in Vancouver.