[Mr.HappySilp]

Originally Posted by Eff-1

The condo we are living in went up for sale this past month. Yaletown, 15 years old, low floor with no view, 1 BR 1 bath plus den. We put a LOT of effort into cleaning and staging (something I noticed many other competing listings weren't doing as much).

In one week we had 5 showings and one open house. Following the open house, we received one offer and after some negotiation, we agreed to their offer of slightly below asking but very close to the assessed value. There were a few subjects to navigate, but all were removed this past weekend.

We have also been watching the North Van market closely. Anything that is premium/desirable is still selling for $900 psf or more, relatively quickly. However, units that are less desirable due to weird floor plans or lack of view (for example) are sitting on the market longer are being forced to lower pricing to the $800s psf.

Across the Lower Mainland, we are starting to see a flood of new units coming on to the market following the presale boom of 2016 and 2017. Lots of sellers are trying to flip and make a profit. As more and more units come on to the market, buyers will have the upper hand in negotiation, however sellers will likely dig in their heels attempting to maintain a profit margin and avoid taking a loss. I believe the result will be many sellers choosing to rent instead, which will add more inventory to the rental market (not necessarily affordable inventory though).

Most of these rental will be rented out by international students. They have the money and can afford to pay 2200+ for a 2 bedroom or 1600+ one a one bedroom.