{"id":10831,"date":"2018-11-16T11:11:51","date_gmt":"2018-11-16T19:11:51","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10831"},"modified":"2018-11-12T09:53:13","modified_gmt":"2018-11-12T17:53:13","slug":"the-number-of-new-condos-sold-climbed-last-quarter","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/the-number-of-new-condos-sold-climbed-last-quarter\/","title":{"rendered":"The Number of New Condos Sold Climbed Last Quarter"},"content":{"rendered":"<p style=\"text-align: justify;\">As resale prices and sales activity march lower overall in Vancouver, the number of new condos sold climbed last quarter, according to a new report from Urban Analytics.<\/p>\n<p style=\"text-align: justify;\">The real estate-research firm, which gathers data directly from builders, developers and their marketing agencies, counted 3,447 sales of new condos and new townhomes throughout Metro Vancouver in the third quarter of this year.<\/p>\n<p style=\"text-align: justify;\">The tally is up from the 3,254 transactions observed in the previous quarter and largely the result of specific regional demand.<\/p>\n<p style=\"text-align: justify;\">\u201cThe primary reason for the quarterly increase in sales was strong demand in the suburban sub\u2010markets south of the Fraser River, where investor and entry-level demand for low rise condominium product remained strong,\u201d reads the report, authored by Michael Ferreira, managing principal of Urban Analytics.<\/p>\n<p style=\"text-align: justify;\">Despite the recent sales rally, activity is still down from year-ago levels. In the third quarter, townhome transactions declined 30 percent on a year-over-year basis, while concrete-condo sales fell 21 percent annually. Year-to-date sales of all new multi-family dwellings in Metro Vancouver declined by 14 percent compared to the same nine-month period in 2017.<\/p>\n<p style=\"text-align: justify;\">Selling pre-construction condos has also gotten more difficult lately, Urban Analytics suggests. \u201cMedia reports about slowing market conditions, particularly in the resale sector, are also causing some buyers to delay their purchase decisions as they wait to see if prices in the new home sector will drop,\u201d says Ferreira.<\/p>\n<p style=\"text-align: justify;\">Supply has been piling up as a result, the firm notes, and there were 4,478 unsold units in Metro Vancouver last quarter, a quarterly increase of 44 percent. This has led to increased competition between builders, and Urban Analytics sees this trend persisting. \u201cThe increased amount of competitive supply being released to the market over the coming months combined with the softer demand will likely put additional moderate downward pressure on achievable sales values,\u201d writes Ferreira.<\/p>\n<p style=\"text-align: justify;\">So far, prices are off 5 to 15 percent from the market\u2019s peak roughly around the beginning of the year, depending on the housing type and location, Urban Analytics estimates. For example, the report estimates new concrete condos on the CAmbie Corridor command average sale prices of $1,500 per square foot, while developers of new townhomes in North Vancouver are having trouble selling inventory at an average of $900 per square foot.<\/p>\n<p style=\"text-align: justify;\">\u201cBuyer urgency levels have dropped considerably among most buyer groups given the increasing amount of competitive supply in the marketplace [and] the number of actively marketing projects competing with one another in a given area,\u201d notes Ferreira.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/11\/new-condo-sales-picked-up-market-cooldown.html\" target=\"_blank\" rel=\"noopener\">New-Conco Sales Have Actually Picked Up, Bucking Larger Market Cooldown<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As resale prices and sales activity march lower overall in Vancouver, the number of new condos sold climbed last quarter, according to a new report from Urban Analytics. The real &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/the-number-of-new-condos-sold-climbed-last-quarter\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10831","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Number of New Condos Sold Climbed Last Quarter &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/the-number-of-new-condos-sold-climbed-last-quarter\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Number of New Condos Sold Climbed Last Quarter &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"As resale prices and sales activity march lower overall in Vancouver, the number of new condos sold climbed last quarter, according to a new report from Urban Analytics. 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