{"id":13638,"date":"2019-09-16T10:10:48","date_gmt":"2019-09-16T17:10:48","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13638"},"modified":"2019-09-11T08:53:32","modified_gmt":"2019-09-11T15:53:32","slug":"what-to-expect-the-new-homes-market-before-the-years-end","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/09\/what-to-expect-the-new-homes-market-before-the-years-end\/","title":{"rendered":"What to Expect the New Homes Market Before the Year’s End?"},"content":{"rendered":"

A wave of condo completions expected before the year\u2019s end could boost home sales in the Lower Mainland, a new report suggests.<\/p>\n

MLA Advisory, the research branch of condo-marketing firm MLA Canada, forecasts contractors will finish work on more than 9,000 multi-family homes before the end of 2019.<\/p>\n

Researchers outline a few effects these completions may have on the region\u2019s housing market, including the resale segment.<\/p>\n

\u201cThis needed new housing stock will undoubtedly spark some market activity at all levels,\u201d says Suzana Goncalves, a partner at MLA Canada.<\/p>\n

MLA Advisory notes that there might be a higher number of detached homes changing hands as some who purchased pre-sale condos in 2016 get ready to downsize.<\/p>\n

Condo inventory could also rise as investors sell their units.<\/p>\n

Meantime, the region\u2019s drum-tight vacancy rate could ease as investors who don\u2019t sell begin renting out their condos.<\/p>\n

\u201cAlthough we have seen significant taxes introduced in our market and stricter mortgage regulations not predicted at time of purchase, almost all of these homes were originally sold several years ago with 20 per cent deposits or higher,\u201d the report reads.<\/p>\n

While builders reach construction milestones, condo sales offices are getting busier.<\/p>\n

MLA predicts Lower Mainland developers will launch sales this September for 15 multi-family encompassing 1,039 presale units.<\/p>\n

That\u2019s up from the four developments, including 254 units, that launched in August, one of the quieter months for the new-home market.<\/p>\n

\u201cA number of projects opened their doors for private previews in hopes of generating strong interest for the coming fall market,\u201d according to the report.<\/p>\n

\u201cAs stated in previous reports, preview periods continue to be extended, making it difficult to predict sales launch dates, a trend we expect to continue.\u201d<\/p>\n

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

A wave of condo completions expected before the year\u2019s end could boost home sales in the Lower Mainland, a new report suggests. 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