{"id":13402,"date":"2019-08-21T11:11:25","date_gmt":"2019-08-21T18:11:25","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13402"},"modified":"2019-08-08T15:19:45","modified_gmt":"2019-08-08T22:19:45","slug":"what-to-expect-for-vancouvers-new-home-market-as-summer-2019-ends","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/08\/what-to-expect-for-vancouvers-new-home-market-as-summer-2019-ends\/","title":{"rendered":"What to Expect for Vancouver&#8217;s New Home Market as Summer 2019 Ends?"},"content":{"rendered":"<p style=\"text-align: justify;\">Lower Mainland homebuyers will have fewer brand new pre-sale condo units to choose from in August, a new monthly forecast suggests.<\/p>\n<p style=\"text-align: justify;\">MLA Advisory, the research branch of real estate marketing firm MLA Canada, estimates upwards of 600 new pre-construction homes will be released throughout the Greater Vancouver and Fraser Valley region this month as the market undergoes a prolonged cooldown.<\/p>\n<p style=\"text-align: justify;\">That\u2019s down from the more than 1,000 pre-sale units released in August 2018 and represents a 42-percent decline, according to MLA\u2019s July 2019 Pre-Sale Real Estate Insights.<\/p>\n<p style=\"text-align: justify;\">\u201cThis year-over-year decrease in inventory is due to a number of townhome projects releasing minimal inventory to test interest within the marketplace in addition to postponed project launches,\u201d reads the MLA report.<\/p>\n<p style=\"text-align: justify;\">Last August\u2019s unit total was bolstered by a number of new higher-density concrete buildings, which are typically taller than their wood-frame counterparts and contain more homes.<\/p>\n<p style=\"text-align: justify;\">Although this August\u2019s overall projected volume is lower, the 600 units are spread across seven new projects, which matches the number of communities launched at this time last year. And a backlog of unsold previously released units also creates more choice for home shoppers.<\/p>\n<p style=\"text-align: justify;\">Of the new units expected to hit the market this month, roughly a third are in townhome and lower-density wood-framed communities in the Fraser Valley.<\/p>\n<p style=\"text-align: justify;\">MLA notes that wood-frame projects are making \u201cgreat strides in the market,\u201d whether in Greater Vancouver or the Fraser Valley.<\/p>\n<p style=\"text-align: justify;\">Between January and July, MLA estimates that homebuyers have entered into contracts to purchase a third of the 1,500 pre-sale condos released in wood-frame projects this year.<\/p>\n<p style=\"text-align: justify;\">\u201cThis is an indication of strong and stable demand from end-users and \ufb01rst-time home buyers searching for value in a more affordable product type,\u201d the MLA report reads.<\/p>\n<p style=\"text-align: justify;\">West Coquitlam, Abbotsford, Delta and North Burnaby are some of the markets MLA says are appealing to homebuyers due to their relative affordability.<\/p>\n<p style=\"text-align: justify;\">\u201cThe bright spots in the market continues to show us that well-conceived homes priced competitively and providing value to end users in their markets remain active,\u201d says MLA Partner Suzana Goncalves.<\/p>\n<p style=\"text-align: justify;\">\u201cDeveloper reputation, location including proximity to transit or arterial routes, and strong utility within price ceilings are all top of mind factors for today\u2019s buyers,\u201d Goncalves explains.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/08\/expect-vancouvers-new-condo-market-summer-2019.html\" target=\"_blank\" rel=\"noopener noreferrer\">Here&#8217;s What to Expect for Vancouver&#8217;s New Condo Market as Summer 2019 Ends<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lower Mainland homebuyers will have fewer brand new pre-sale condo units to choose from in August, a new monthly forecast suggests. MLA Advisory, the research branch of real estate marketing &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/08\/what-to-expect-for-vancouvers-new-home-market-as-summer-2019-ends\/\">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-13402","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What to Expect for Vancouver&#039;s New Home Market as Summer 2019 Ends? &#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\/08\/what-to-expect-for-vancouvers-new-home-market-as-summer-2019-ends\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What to Expect for Vancouver&#039;s New Home Market as Summer 2019 Ends? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Lower Mainland homebuyers will have fewer brand new pre-sale condo units to choose from in August, a new monthly forecast suggests. 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