FOMO Alive and Well in Vancouver Condo Market
It’s never over till it’s over and as i’ve mentioned in previous posts (Bottom of the Barrel) it’s far from over. Yep the condo market in Greater Vancouver has been set ablaze. I’m sure you’re sick and tired of hearing about it, just as many Realtors are, it’s why many are no longer cheerleading the market.
Multiple offers continue to ravage the market, decimating the pocket books of buyers and rewarding the few sellers who take a once in a lifetime opportunity to cash in. Of course i’m talking about the condo market, sorry detached sellers your time has come and past.
So far condo sales in March resemble that of trench warfare. A bloody mess of multiple offers and not so civil behaviour. In Richmond, 53% of condos have sold over asking, followed by 54% in Vancouver East, 46% in Vancouver West and Burnaby.
Yes the FOMO still runs strong in the Vancouver condo market, pushing prices to new highs. It’s what the investing world calls loss aversion. Best summarized as “loss aversion refers to people’s tendency to prefer avoiding losses to acquiring equivalent gains: it’s better to not lose $5 than to find $5. Some studies have suggested that losses are twice as powerful, psychologically, as gains.”
Don’t count us out just yet Toronto.