{"id":12533,"date":"2019-05-20T10:10:50","date_gmt":"2019-05-20T17:10:50","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12533"},"modified":"2019-05-07T16:47:16","modified_gmt":"2019-05-07T23:47:16","slug":"the-delay-of-new-condo-launches-amid-the-housing-downturn-in-vancouver","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/05\/the-delay-of-new-condo-launches-amid-the-housing-downturn-in-vancouver\/","title":{"rendered":"The Delay of New Condo Launches Amid The Housing Downturn in Vancouver"},"content":{"rendered":"<p style=\"text-align: justify;\">The delay of new condo launches amid the housing downturn in Vancouver and surrounding Lower Mainland housing markets is only going to intensify housing-affordability issues, a new report suggests.<\/p>\n<p style=\"text-align: justify;\">MLA Advisory, the research branch of marketing firm MLA Canada, says 17 concrete condo projects have postponed launching sales so far this year, keeping an additional 5,000 pre-sale units from coming to market.<\/p>\n<p style=\"text-align: justify;\">\u201cThese concrete pre-sale project delays, along with decreases in housing starts by up to 20% province-wide, will have drastic longterm implications on our housing supply, affordability and home ownership,\u201d writes Suzana Gonclaves, a partner at MLA Canada as well as its chief advisory officer, in the report.<\/p>\n<p style=\"text-align: justify;\">In separate report published this January, MLA had forecast developers would launch roughly 14,00o units in concrete projects this year. It has now downwardly revised that total to about 9,000.<\/p>\n<p style=\"text-align: justify;\">\u201cThis shortage in our housing stock will greatly impact affordability in the years to come,\u201d the most recent MLA report concludes.<\/p>\n<p style=\"text-align: justify;\">High-rise condos are typically concrete, but some mid-rise buildings are also made of the material while others are wood-frame. Of the 10 projects that MLA says were launched in April, half were wood-frame condos in West Coquitlam, New Westminster and Langley.<\/p>\n<p style=\"text-align: justify;\">Some 20 percent of the 865 pre-sale homes released in April have sold. \u201cWe would prefer to see this number closer to 25%\u201330% within the month to make the remainder of sales needed to hit financing requirements more manageable over the nine month time frame,\u201d MLA Advisory explains in the report.<\/p>\n<p style=\"text-align: justify;\">The units developers sell \u2014 technically homebuyers put down deposits and enter into agreements to take ownership at a later date \u2014 before shovels break ground help them obtain financing for construction. If there isn\u2019t enough interest from homebuyers, a project can be further delayed or shelved.<\/p>\n<p style=\"text-align: justify;\">So far this year, developers have brought more than 3,800 pre-sale units to market, which represents a 23-percent decline compared to launches over the same period in 2018. In May, developers are expected to add another 703 units across 10 projects.<\/p>\n<p style=\"text-align: justify;\">While slow overall sales have been a concern, some segments are performing better than others. There has been considerable interest from end-users in entry-level homes located within affordable markets, MLA notes.<\/p>\n<p style=\"text-align: justify;\">In an attempt to drum up sales, some developers have been offering incentives, including more generous deposit requirements and decorating allowances to homebuyers.<\/p>\n<p style=\"text-align: justify;\">\u201cFor example, Kira by Woodbridge Homes in West Coquitlam is offering purchasers a 10% deposit, which has been very well received by all buyers, along with spacious floorplan and close proximity to transit lines,\u201d says MLA.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/05\/condo-launch-delays-hurting-vancouver-homebuyers.html\" target=\"_blank\" rel=\"noopener noreferrer\">Condo Launch Delays are Hurting Vancouver Homebuyers<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The delay of new condo launches amid the housing downturn in Vancouver and surrounding Lower Mainland housing markets is only going to intensify housing-affordability issues, a new report suggests. MLA &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/05\/the-delay-of-new-condo-launches-amid-the-housing-downturn-in-vancouver\/\">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-12533","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>The Delay of New Condo Launches Amid The Housing Downturn in Vancouver &#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\/the-delay-of-new-condo-launches-amid-the-housing-downturn-in-vancouver\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Delay of New Condo Launches Amid The Housing Downturn in Vancouver &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The delay of new condo launches amid the housing downturn in Vancouver and surrounding Lower Mainland housing markets is only going to intensify housing-affordability issues, a new report suggests. 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