{"id":12682,"date":"2019-06-06T10:10:31","date_gmt":"2019-06-06T17:10:31","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12682"},"modified":"2019-05-23T14:39:14","modified_gmt":"2019-05-23T21:39:14","slug":"new-home-sales-fell-7-last-year-is-causing-developers-to-abandon-projects","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/06\/new-home-sales-fell-7-last-year-is-causing-developers-to-abandon-projects\/","title":{"rendered":"New Home Sales Fell 7% Last Year is Causing Developers to Abandon Projects"},"content":{"rendered":"<p style=\"text-align: justify;\">With new home sales dropping in tandem with resale residential units, Vancouver developers have been rapidly shelving projects, according to a new report by Altus Group.<\/p>\n<p style=\"text-align: justify;\">Of the 5,600 new housing units proposed to the City of Vancouver in 2016, about half have now been approved. However, approximately 20% are in projects that have since been abandoned, said the report.<\/p>\n<p style=\"text-align: justify;\">That\u2019s much higher than in the City of Toronto, where only 2% of 2016-proposed housing units have been shelved since then.<br \/>\n<a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=12684\" rel=\"attachment wp-att-12684\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-12684\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/altus-1-288x178.jpg\" alt=\"\" width=\"600\" height=\"371\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/altus-1-288x178.jpg 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/altus-1.jpg 750w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><br \/>\nSource: Altus Group<\/p>\n<p style=\"text-align: justify;\">The high abandonment rate of new housing units in Vancouver can be attributed to the region\u2019s slowdown in new home sales. Sales of new condo units fell in by 7% year over year in 2018. That\u2019s following a 31% decline in 2017, when sales fell sharply after the boom of 2016.<br \/>\n<a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=12685\" rel=\"attachment wp-att-12685\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-12685\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/altus-2-288x170.jpg\" alt=\"\" width=\"600\" height=\"354\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/altus-2-288x170.jpg 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/05\/altus-2.jpg 750w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><br \/>\nSource: Altus Group<\/p>\n<p style=\"text-align: justify;\">Across Canada, new condo sales totalled just over 48,500 units in 2018, down 21% from the almost 62,000 sales in 2017. The Greater Toronto Area accounted for nearly half of all 2018\u2019s new condo sales in the major cities covered by Altus Group\u2019s survey.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2019\/05\/one-five-proposed-vancouver-housing-units-has-been-shelved-report\" target=\"_blank\" rel=\"noopener noreferrer\">One in Five Proposed Vancouver Housing Units Has Been Shelved<\/a> by Joannah Connolly | Glacier Media Real Estate | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With new home sales dropping in tandem with resale residential units, Vancouver developers have been rapidly shelving projects, according to a new report by Altus Group. Of the 5,600 new &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/06\/new-home-sales-fell-7-last-year-is-causing-developers-to-abandon-projects\/\">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-12682","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>New Home Sales Fell 7% Last Year is Causing Developers to Abandon Projects &#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\/06\/new-home-sales-fell-7-last-year-is-causing-developers-to-abandon-projects\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"New Home Sales Fell 7% Last Year is Causing Developers to Abandon Projects &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"With new home sales dropping in tandem with resale residential units, Vancouver developers have been rapidly shelving projects, according to a new report by Altus Group. 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