The year of 2016 was very active in specific price ranges for Olympic Village and False Creek condos. The Foreign Buyers Tax that was implemented in August slowed the luxury condo market in the 2 million dollar and above price category; the $400,000 to $1.5 million price range was almost immune to the government tax. In British Columbia, the percentage of sales to Foreign Buyers went from a monthly high of approximately 19 percent to a low of approximately .03 percent once the tax was in effect. Since the low of .03 percent in the Fall of 2016 we have seen the approximate number of monthly sales to foreign Buyers rise to approximately 3.8 percent. With all that being said, Olympic Village condos continue to be sought after with today’s buyers. Almost all condos priced under $600,000 are selling within two weeks of being listed and the latest new presale projects by Avenue One – Concord Pacific and Navio at the Creek by Concert Properties recorded a high percentage of pre-sales within just a few weeks of opening. Avenue One by Concord Pacific has only 9 one bedroom condos left out of a total of 139 and only 5 two bedroom condos left out of a total of 96.
The sales to active listings for Olympic Village False Creek is 35 percent which indicates a seller’s market but it is important to note that all 13 sales for the month of December were under 1 million dollars. The month of December had 13 sales compared to 18 sales in November which is expected due to the holiday season. As we enter 2017 we can expect a continued seller’s market up to 1 million dollars. Today’s buyers are price sensitive so pricing and professional marketing is very important when considering to sell your condo.
Olympic Village condo sales by price range for the year of 2016
Price Range |
# of Sales |
$0 - $500,000 |
40 |
$500,001 - $700,000 |
102 |
$700,001 - $1,000,000 |
45 |
$1,000,001 – $1,500,000 |
39 |
$1,500,001 - $2,500,000 |
10 |
$2,500,000 - $5,000,000 |
6 |
$5,000,001 plus |
1 |
Total Sales for 2016 |
243 |
The number of days for a condo to sell in Olympic Village will increase as soon as the market value increases over 1.5 million dollars but we will see a strong seller’s market under $750,000 with the average days on market at approximately 12.
For further information please contact me.
Written by Don Urquhart Vancouver real estate since 1987 – Olympic Village False Creek Specialist