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Metro Vancouver’s real estate market remains classified as highly vulnerable to volatility at the start of 2018 due to an overheating in condo sales in some corners and overvaluation of prices that continue to defy local fundamentals, the Canada Mortgage and Housing Corp. said Tuesday.

That was the conclusion of CMHC’s first-quarter housing market analysis that found conditions in Metro Vancouver have remained in a precarious position for the last six quarters.

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“What we have in Vancouver as a region is a two-speed housing market,” said Eric Bond, CMHC’s regional market analyst. “The single-detached (home) is at one speed with more balanced market conditions and not as much price growth.”

“Now, really, it is attached properties, particularly condo markets, where we still have multiple offers, there is still strong price growth and limited (inventories) for sale.”

And that segment, Bond said, is being driven by first-time buyers scrambling to purchase units where prices are still within reach of their means.