{"id":13221,"date":"2019-08-01T10:10:37","date_gmt":"2019-08-01T17:10:37","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13221"},"modified":"2019-07-18T09:19:06","modified_gmt":"2019-07-18T16:19:06","slug":"what-to-expect-from-greater-vancouvers-new-condo-market-for-the-rest-of-2019","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/08\/what-to-expect-from-greater-vancouvers-new-condo-market-for-the-rest-of-2019\/","title":{"rendered":"What to Expect from Greater Vancouver’s New-Condo Market for The Rest of 2019?"},"content":{"rendered":"

The trend of Lower Mainland developers delaying condo launches is going to continue for the rest of the year, suggests MLA Advisory.<\/p>\n

The research branch of real estate marketing firm MLA Canada says to date 17 projects, encompassing more than 6,000 units, have already been put on hold in the region in 2019.<\/p>\n

\u201cLooking ahead, as current inventory levels rise and projects take longer to sell, we anticipate many of these projects will hold their sales launch to 2020 and wait for more favourable conditions,\u201d reads MLA\u2019s Mid-Year 2019 Real Estate Insights report.<\/p>\n

\u201cThis will cause a backlog of approved projects that we have not yet seen in the Lower Mainland,\u201d the report continues.<\/p>\n

Between July and the year\u2019s end, MLA predicts 27 more condo projects will enter the pre-sale phase, bringing more than 3,500 pre-sale units to the Greater Vancouver and Fraser Valley market.<\/p>\n

A big chunk of these are anticipated for Richmond, where five project launches containing upwards of 700 units in total \u2014 the largest share of any submarket in the Lower Mainland \u2014 are forecast to enter pre-sale status.<\/p>\n

Of the 4,103 pre-sale homes brought to market in the first six months of the year, a little over a third have sold, and future sales will depend heavily on developers\u2019 reputations, as well as location and value, says MLA.<\/p>\n

\u201cThough demand, in theory, is exceeding the supply we are bringing to market, buyers are reluctant
\nto commit to purchasing decisions until they believe the market has reached the bottom,\u201d MLA says in the report.<\/p>\n

The backlog of units accumulating as a result of delays and reluctant homebuyers could result in surging prices if and when the Lower Mainland\u2019s market picks up again, suggests Suzana Goncalves, executive vice president of sales and marketing and a partner at MLA Canada.<\/p>\n

\u201cWith the decline of housing starts and the increase in population we could be setting ourselves up for another rapid price increase once the market officially turns,\u201d she says in a statement.<\/p>\n

\u201cWaiting for bottom could prove foolhardy for some buyers,\u201d she warns.<\/p>\n

What to Expect from Greater Vancouver’s New-Condo Market for The Rest of 2019<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

The trend of Lower Mainland developers delaying condo launches is going to continue for the rest of the year, suggests MLA Advisory. The research branch of real estate marketing firm … [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-13221","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nWhat to Expect from Greater Vancouver's New-Condo Market for The Rest of 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\/08\/what-to-expect-from-greater-vancouvers-new-condo-market-for-the-rest-of-2019\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What to Expect from Greater Vancouver's New-Condo Market for The Rest of 2019? • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The trend of Lower Mainland developers delaying condo launches is going to continue for the rest of the year, suggests MLA Advisory. 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