Kitsilano condo sales at levels last seen in 2018 but prices softening

Kitsilano condo sales have been on a sharp rise since the brief slow down in April this year from COVID. August sales numbers are comparable to heights last seen in the early summer of 2018.  

Despite this rise and high level of sales activity the HPI price index for all Kitsilano condos has declined in the last month as seen below.

This price trend doesn't reflect all condos sales and depends on many factors including price range, location, number of bedrooms, and more. One bedroom and studio condos have generally seen prices hold in the last month while larger properties that are more expensive dipped in August.   

What does this mean? Its too early to tell of this if just a blip or something more long term. Many home buyers since COVID began have shifted their attention to properties that provide more space to work from home. This means demand will be shifting to areas and possibly cities that have improved affordability and allow people's budgets to meet those needs.

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All stats derived from Dean Wegman & REBGV.