how big is this place almost 1500 square ft what a beautiful view it's lovely it's two bed two bath David Hutchinson has been showing this condo a lot asking price just over $2.6 million it's part of a fancy Downtown hotel complex and has been on the market for 6 months and there's been showings and there's been interest so that's all positive but the issue is uh supply and demand there's a lot of Supply right now at the end of June there were 429 apartments in Vancouver listed for more than $2 million that's a 21% increase
over the year before now listings at all price points are up but not that much around 7.5% year-over-year this new designer luxury building lists 26 properties for sale the priciest a $ 13.5 million three-bedroom Hutchinson says part of the reason for all of the supply fewer buyers from overseas there's a a saying that when uh the Chinese economy sneezes Vancouver catches a cold forget sneezing China's real estate economy is collapsing and has been for a while plummeting portfolios mean Chinese investors aren't shopping for fancy Canadian Apartments like they used to so people were kind of
assuming that that boom period of 2015 to 2019 was going to last and they committed themselves to projects to Major real estate development projects in particularly in Vancouver high-end real estate developments that no longer have the market and an appetite for in Asia this real estate agent says government policies have also contributed to supply yeah I definitely think foreign buyer tax speculation tax empty homes tax it hasn't made it a favorable place to put put money having a lot of multi-million dollar condos on the market isn't likely to make a difference for your average home
buyer but for those in the market for luxury there's a lot of choice and although it's far from a bargain you just might get a discount Lindsay Dunc CBC News Vancouver
