A growing overhang of new and unsold condominiums in Metro Vancouver has driven prices back to 2007 levels says Urban Analytics, which publishes the New Home Source. "The combination of higher-valued incentives and the willingness of some developers - especially those with completed and unsold inventory - to negotiate sale prices has made for the most favourable new-home buying conditions in several years," the market-research firm stated.
The report found that new concrete condos in Coquitlam, for example, are selling for around $400 per square foot now compared with a nearly $500 per square foot six years ago.
The report adds that new-condo prices are lower now than in 2007 in Surrey, Langley, parts of Burnaby and Vancouver East.
from Western Investor April 2013
