{"id":11815,"date":"2019-03-03T11:11:30","date_gmt":"2019-03-03T19:11:30","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11815"},"modified":"2019-02-26T13:26:44","modified_gmt":"2019-02-26T21:26:44","slug":"metro-vancouver-new-housing-segment-prediction-in-early-2019","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/03\/metro-vancouver-new-housing-segment-prediction-in-early-2019\/","title":{"rendered":"Metro Vancouver New-Housing Segment Prediction in Early 2019"},"content":{"rendered":"

Vancouver\u2019s housing market has been undergoing a well-publicized correction, and that\u2019s expected to keep taking a bite out of condo developers\u2019 bottom lines in 2019, suggests industry observer Urban Analytics.<\/p>\n

The firm, which gathers data on the new-home market in the Lower Mainland, included that prediction in its fourth-quarter take on Metro Vancouver\u2019s new-housing segment.<\/p>\n

But researchers went a step further. Urban Analytics also included estimates for the kind of pricing condo shoppers can expect to encounter in the first months of 2019 for units in both concrete buildings (generally high-rise towers) and wood-frame structures, their typically mid-rise, or four- to six-storey, counterparts.<\/p>\n

Downtown Vancouver<\/strong>
\nDespite the downturn, homebuyers set on purchasing a new unit at a concrete condo project \u2014 that\u2019s typically a high-rise tower \u2014 in downtown Vancouver shouldn\u2019t be surprised to see pricing remain around $2,000 per square foot.<\/p>\n

Vancouver West<\/strong>
\nOn the Cambie Corridor in Vancouver West, Urban Analytics sees developers asking about $1,500 per square foot, while projects at the University of British Columbia have more affordable pricing around $1,250 per square foot.<\/p>\n

Richmond<\/strong>
\nDevelopers have been able to sell units in Richmond for between $1,000 and $1,100 per square foot in concrete buildings and below $800 per square foot in wood-frame condo buildings, which are generally shorter than concrete structures.<\/p>\n

Burnaby<\/strong>
\nConcrete condo pricing in Burnaby matches Richmond\u2019s range, but there are some fluctuations. For example, Metrotown units are being advertised for $1,150 per square foot, while Urban Analytics suggests developers price Lougheed dwellings from $900 to $950 per square foot.<\/p>\n

New Westminster<\/strong>
\nOn average, Urban Analytics notes New Westminster units in concrete towers are being offered for $850 to $900 per square foot.<\/p>\n

Tri-Cities<\/strong>
\nSales offices in Coquitlam Centre have been seeking pricing at $860 per square foot \u2014 but that may change. \u201cGiven the significant number of new condominium projects expected to launch in the Burquitlam neighbourhood over the next several months, more downward pressure on pricing for this product is anticipated,\u201d notes Urban Analytics.<\/p>\n

Fraser Valley<\/strong>
\nIn the second half of last year, concrete condos had been selling at a reasonable rate for a little over $800 per square foot. However, with more buyers on the sidelines, Urban Analytics anticipates this number will fall. For the South Surrey\/White Rock area, it will be a challenge for developers to get more than $900 per square foot. Langley\/Cloverdale wood-frame units are still priced at $525 to $550 per square foot.<\/p>\n

Abbotsford<\/strong>
\nWood-frame condo units here haven\u2019t had trouble attracting buyers with prices of $475 to $510 per square foot, Urban Analytics suggests.<\/p>\n

What You Should Expect to Pay for A New Vancouver Condo in Early 2019<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

Vancouver\u2019s housing market has been undergoing a well-publicized correction, and that\u2019s expected to keep taking a bite out of condo developers\u2019 bottom lines in 2019, suggests industry observer Urban Analytics. … [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-11815","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nMetro Vancouver New-Housing Segment Prediction in Early 2019 • 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\/2019\/03\/metro-vancouver-new-housing-segment-prediction-in-early-2019\/\" \/>\n<meta name=\"twitter:card\" 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