An estimated 4,500 new presale condo units will be released in Metro Vancouver between April and June, according to the spring 2017 presale outlook from the residential real estate analytics group MLA Advisory. This new inventory release follows a first quarter in which presale home supply was well below the five-year average.
Nearly half of the new units will be in Burquitlam and Burnaby, which MLA has identified as the most active concrete condo market in Western Canada in 2017.
Downtown Vancouver is another active presales market, with an estimated 1,000 high-end units scheduled to release in 2017. Last year’s Downtown presale condos had a 96 per cent sold rate, and MLA suggests new luxury developments Downtown could set a record price per square foot this year.
In the Cambie Corridor, Henry by Homei Properties is already 95 per cent sold after just a few weeks on the market, MLA notes, while Calla at The Gardens in South Richmond sold 41 new units in the first quarter of the year. Kerrisdale’s The Kirkland development by Bogner Development Group is 90 per cent sold.
In Langley, Fifth Avenue Real Estate Marketing reports that RDG Management’s Wexley and The Belmont at Heritage by Infinity Properties are both approaching sellout.
The latest sales figures from the Real Estate Board of Greater Vancouver show that the average days on market for a condo was nine days in March, a 10-year low. There were 2,229 Lower Mainland resale condo units in the MLS inventory in March.
MLA Canada estimates the total 2016 presale market at $9.9 billion in the Lower Mainland, based on 175 new multi-family residential projects. More than 35 new high-rise developments are expected to launch in Metro Vancouver in 2017, including an estimated 10,700 new concrete units – a 15 per cent increase from 2016.