Lower housing sales in Vancouver have yet to translate into bargain buys at the entry level, despite headlines in recent months on the city’s real estate market cooling down, industry experts say.
Buying is no closer to being within reach for millennials because the market downturn has mostly hit detached houses while having only a relatively muted impact so far on pricing for entry-level condos and townhouses, said demographer Andy Yan, director of Simon Fraser University’s city program.
To make starter homes in Vancouver affordable, wages would have to skyrocket and/or condo prices would have to collapse, Mr. Yan said. “It could be a mix, of course – some version of doubling incomes or halving prices so that the market is realigned to local incomes,” he said in an interview on Tuesday.
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Source: Vancouver housing market cools off, but buying still ‘insanely expensive’ – The Globe and Mail