{"id":12529,"date":"2019-05-17T10:10:24","date_gmt":"2019-05-17T17:10:24","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12529"},"modified":"2019-05-07T16:29:30","modified_gmt":"2019-05-07T23:29:30","slug":"presale-home-doesnt-seem-to-be-doing-much-better","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/05\/presale-home-doesnt-seem-to-be-doing-much-better\/","title":{"rendered":"Presale Home Doesn&#8217;t Seem to Be Doing Much Better"},"content":{"rendered":"<p style=\"text-align: justify;\">Reflecting what\u2019s happening in the Lower Mainland\u2019s slowing resale housing market, the presale sector doesn\u2019t seem to be doing much better, according to the results of a new report.<\/p>\n<p style=\"text-align: justify;\">MLA Advisory, the research arm of real estate marketing company MLA Canada, reported May 3 that there have been 3,817 presale units released for sale so far this year across Greater Vancouver and the Fraser Valley. That number is 23% lower than the same period in 2018.<\/p>\n<p style=\"text-align: justify;\">There were 10 project launches in the region in April \u2013 five of which were wood-frame condo developments in West Coquitlam, New Westminster and Langley \u2013 totalling 865 homes. Of those, just 20% have sold so far, said MLA Advsory. That compares with an absorption rate of 43% in April 2018, of the 879 presales released that month.<\/p>\n<p style=\"text-align: justify;\">This low an absorption rate can put new home developments\u2019 financing at risk, as institutional lenders financing a project require a certain level of uptake. MLA\u2019s report said, \u201cWe would prefer to see this [absorption rate] closer to 25-30% within the month, to make the remainder of sales needed to hit financing requirements more manageable.\u201d<br \/>\n<a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=12530\" rel=\"attachment wp-att-12530\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-12530\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/presale-condo-report-288x250.jpg\" alt=\"\" width=\"606\" height=\"526\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/presale-condo-report-288x250.jpg 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/presale-condo-report.jpg 750w\" sizes=\"auto, (max-width: 606px) 100vw, 606px\" \/><\/a><br \/>\nSource : MLA Advisory, Urban Analytics and RealNet<\/p>\n<p style=\"text-align: justify;\">The supply of new homes coming on stream is also much lower than in recent years, said the research group.<\/p>\n<p style=\"text-align: justify;\">Suzana Goncalves, chief advisory officer and partner at MLA Canada, said, \u201cMLA Advisory estimates that nearly 5,000 concrete units within 17 projects have postponed their sales launches [to wait] for more favourable market conditions.\u201d<\/p>\n<p style=\"text-align: justify;\">The group is warning that the reduction in new home supply, caused by the slowing housing market, will have significant effects in the long term. Goncalves added, \u201cThese concrete pre-sale project delays, along with decreases in housing starts by up to 20% province-wide, will have drastic long-term implications on our housing supply, affordability and home ownership.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Buyer Incentives<\/strong><\/p>\n<p style=\"text-align: justify;\">For those developers who have launched sales and are seeing sluggish absorption, there is an increasing trend to offer significant buyer incentives to attract presale buyers. A number of developers are offering lower-than-usual deposits to make it easier for buyers to sign up, especially first-time buyers. And Woodbridge Homes, developer of West Coquitlam project KIRA, hit the headlines by throwing in a year\u2019s worth of free avocado toast to buyers who purchased a condo during the project\u2019s launch this past weekend.<\/p>\n<p style=\"text-align: justify;\">MLA sees the increased choice of inventory and the trend for incentives as making this a good time for buyers to get into the presale market.<\/p>\n<p style=\"text-align: justify;\">MLA\u2019s report authors wrote, \u201cAs more projects offer purchaser incentives such as lower deposit structures and decorating allowances, it is becoming more favourable for end-users to purchase homes this year.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2019\/05\/lower-mainlands-presale-home-absorption-rate-sees-dismal-april-report\" target=\"_blank\" rel=\"noopener noreferrer\">Lower Mainland&#8217;s Presale Home Absorption Rate Sees Dismal April<\/a> by Joannah Connolly | Glacier Media Real Estate | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reflecting what\u2019s happening in the Lower Mainland\u2019s slowing resale housing market, the presale sector doesn\u2019t seem to be doing much better, according to the results of a new report. MLA &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/presale-home-doesnt-seem-to-be-doing-much-better\/\">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-12529","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Presale Home Doesn&#039;t Seem to Be Doing Much Better &#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\/2019\/05\/presale-home-doesnt-seem-to-be-doing-much-better\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Presale Home Doesn&#039;t Seem to Be Doing Much Better &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Reflecting what\u2019s happening in the Lower Mainland\u2019s slowing resale housing market, the presale sector doesn\u2019t seem to be doing much better, according to the results of a new report. 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