{"id":13836,"date":"2019-10-04T10:10:19","date_gmt":"2019-10-04T17:10:19","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13836"},"modified":"2019-10-02T14:04:06","modified_gmt":"2019-10-02T21:04:06","slug":"vancouver-presale-has-become-much-weaker-with-a-substantial-77-8-annual-decline","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/10\/vancouver-presale-has-become-much-weaker-with-a-substantial-77-8-annual-decline\/","title":{"rendered":"Vancouver Presale Has Become Much Weaker with a Substantial 77.8% Annual Decline"},"content":{"rendered":"<p style=\"text-align: justify;\">Over the past few months, the decline in residential pre-sales in Vancouver was much larger than anticipated, according to a new analysis of data from MLA Canada by real estate information portal Better Dwelling.<\/p>\n<p style=\"text-align: justify;\">The figures showed that of the new releases in Greater Vancouver last August, only 102 pre-sales have been sold \u2013 a substantial 77.8% annual decline.<\/p>\n<p style=\"text-align: justify;\">This came with a similarly dramatic 75.6% drop in new listings for pre-sales, down to 254 units.<\/p>\n<p style=\"text-align: justify;\">Significant deceleration was brought about by slow absorption rates, which led to developers deferring the release of new supply.<\/p>\n<p style=\"text-align: justify;\">These factors fed into Vancouver\u2019s lower housing starts trend in August, which came amid a series of late or cancelled developments.<\/p>\n<p style=\"text-align: justify;\">\u201cCompared to the same month last year, both multi-unit and single-detached home starts declined by over 17% in the CMA,\u201d CMHC stated in its report covering August.<\/p>\n<p style=\"text-align: justify;\">Overall, however, \u201cyear-to-date starts in the CMA remained fairly stable due to a decline in singles starts which was offset by an increase in the multi-units segment.\u201d<\/p>\n<p style=\"text-align: justify;\">Total housing sales in August was 2,231 transactions, which was 15.7% greater on a year-over-year basis.<\/p>\n<p style=\"text-align: justify;\">\u201cIn recent months, home prices have generally been stabilizing in British Columbia and the Prairies, a measure which had been falling until recently,\u201d CREA said.<\/p>\n<p style=\"text-align: justify;\">\u201cThe national average price is heavily skewed by sales in the GVA and GTA, two of Canada\u2019s most active and expensive housing markets,\u201d its study added. \u201cExcluding these two markets from calculations cuts more than $100,000 from the national average price, trimming it to less than $393,000 and reducing the year-over-year gain to 2.7%.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/residential-presale-activity-in-vancouver-has-become-much-weaker-305937.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Residential Pre-Sale Activity in Vancouver Has Become Much Weaker<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over the past few months, the decline in residential pre-sales in Vancouver was much larger than anticipated, according to a new analysis of data from MLA Canada by real estate &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/10\/vancouver-presale-has-become-much-weaker-with-a-substantial-77-8-annual-decline\/\">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-13836","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>Vancouver Presale Has Become Much Weaker with a Substantial 77.8% Annual Decline &#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\/10\/vancouver-presale-has-become-much-weaker-with-a-substantial-77-8-annual-decline\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Presale Has Become Much Weaker with a Substantial 77.8% Annual Decline &#8226; 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