Greater Vancouver condo market may be at inflection point: Pricewaterhouse Coopers

VANCOUVER, July 27 /CNW/ - The Greater Vancouver condominium market may
be at an inflection point in the real estate cycle. One result could be an
over-supply and/or over-priced product in many markets. There appears to be a
very real risk of over supply beyond the forecast demand given the escalating
market prices in some new condo submarkets in Greater Vancouver. Despite this,
the Greater Vancouver condominium market still has opportunities for the right
product in the right place as much depends on what is being built and where.
These and other findings were revealed today by PricewaterhouseCoopers (PwC)
in its June 2006 issue of the Greater Vancouver Condominium Market Review.
PwC's semi-annual Condominium Market Review is the most extensive and
comprehensive database available for the Greater Vancouver condominium market.
It has tracked new condominium projects in Greater Vancouver since 1989,
covers 18 market areas, six project types and now has detailed information on
over 2800 projects or project phases covering approximately 153,200 units.
This report has the objective of answering two major questions. What's
happening in the market now? What's likely to happen in this market over the
next 12-24 months?
PwC's latest report uses data from new projects marketing and all
projects seeking development approval between December 1, 2005 and May 31,
2006. The report presents a forecast for the Greater Vancouver condominium
market that identifies areas of positive and negative market conditions which
will influence future market direction. 12 hmm