{"id":19652,"date":"2022-04-04T11:11:00","date_gmt":"2022-04-04T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19652"},"modified":"2022-03-18T10:20:47","modified_gmt":"2022-03-18T17:20:47","slug":"greater-vancouver-new-construction-demand-remain-strong-heading-into-q2-2022","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/04\/greater-vancouver-new-construction-demand-remain-strong-heading-into-q2-2022\/","title":{"rendered":"Greater Vancouver New Construction Demand Remain Strong Heading into Q2-2022"},"content":{"rendered":"<p style=\"text-align: justify;\">Greater Vancouver is on track to see more than 4,100 new construction condo apartments launch sales by the end of Q1-2022, significantly more than what was reported during the same business quarter last year.<\/p>\n<p style=\"text-align: justify;\">Jasmine Cracknell-Young, vice president of advisory for Canada at Zonda Urban, told Livabl that approximately 4,143 new condo units and 23 projects are projected to launch this quarter in Greater Vancouver. So far, there have been 15 project launches with 2,832 units in Q1-2022. By the end of the month, rounding off the first quarter of 2022, there could be an additional eight development launches, bringing to market another 1,311 new condos.<\/p>\n<p style=\"text-align: justify;\">By comparison, 14 new home launches with 2,358 units took place in Q1-2021 across the region, a bit over half of the developments that are expected to have kicked off by the end of Q1-2022.<\/p>\n<p style=\"text-align: justify;\">As developers bring new product online, it appears that this quarter is looking to build off of \u201cthe banner Q4-2021,\u201d that Vancouver experienced, Cracknell-Young explained.<\/p>\n<p style=\"text-align: justify;\">\u201cMany developers are launching now because of the incredible momentum in the market,\u201d she said. \u201cAcross the country, we continue to see red-hot housing markets as demand continues to outstrip supply.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Vancouver suburbs see surge of activity in Q1-2022<\/strong><\/p>\n<p style=\"text-align: justify;\">Demand for new homes in Greater Vancouver has been extremely strong, Cracknell-Young says.<\/p>\n<p style=\"text-align: justify;\">New home projects in the region have been selling 60% to 100 per cent of units within a month. Overall absorptions for new concrete condominiums is currently 173.3 units per month, while wood frame projects are averaging 51 condos a month. Compared to last year, concrete developments were selling at an average rate of 18.2 units a month and 8.5 suites per month for wood frame developments back in Q1-2021.<\/p>\n<p style=\"text-align: justify;\">When it comes to launch activity, Cracknell-Young explains that Vancouver\u2019s downtown core has been fairly quiet in regards to new launches. Most of the project launches this quarter have been taking place south of the Fraser in areas like the Cambie Corridor, which is \u201cstill very hot.\u201d<\/p>\n<p style=\"text-align: justify;\">The bulk of the action has been found in Vancouver\u2019s suburban areas. Communities such as Langley, Burnaby and Surrey have been active thanks to transit initiatives, the ongoing build-out of master-planned communities and lower price points relative to more inner-city neighbourhoods.<\/p>\n<p style=\"text-align: justify;\">Heading into Q2-2022 and the remainder of the year, Cracknell-Young says that she is \u201ccautiously optimistic,\u201d of what\u2019s to come.<\/p>\n<p style=\"text-align: justify;\">\u201cI believe that demand in the market will remain strong, but that could be tempered by any number of outside factors like the conflict in Ukraine, oil prices or rising interest rates,\u201d she said.<\/p>\n<p style=\"text-align: justify;\">In a quarterly Metro Vancouver Multi-Family Take published earlier this month, Zonda Urban stated that there were 26,291 new home sales in all of 2021, a number that shatters the previous annual total sales record set in 2016 by 30%. Inflation pressures on construction labour and materials, in addition to higher costs for regulations and code requirements, are expected to place more pressure on prices in 2022, the report said.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2022\/03\/greater-vancouver-condo-launch-q1-2022.html\" target=\"_blank\" rel=\"noopener\">Greater Vancouver Could See Over 4,100 New Construction Condo Units Launch in Q1-2022<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Greater Vancouver is on track to see more than 4,100 new construction condo apartments launch sales by the end of Q1-2022, significantly more than what was reported during the same &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/04\/greater-vancouver-new-construction-demand-remain-strong-heading-into-q2-2022\/\">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-19652","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Greater Vancouver New Construction Demand Remain Strong Heading into Q2-2022 &#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\/2022\/04\/greater-vancouver-new-construction-demand-remain-strong-heading-into-q2-2022\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Greater Vancouver New Construction Demand Remain Strong Heading into Q2-2022 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Greater Vancouver is on track to see more than 4,100 new construction condo apartments launch sales by the end of Q1-2022, significantly more than what was reported during the same &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/greater-vancouver-new-construction-demand-remain-strong-heading-into-q2-2022\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/greater-vancouver-new-construction-demand-remain-strong-heading-into-q2-2022\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Greater Vancouver New Construction Demand Remain Strong Heading into Q2-2022\",\"datePublished\":\"2022-04-04T18:11:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/greater-vancouver-new-construction-demand-remain-strong-heading-into-q2-2022\\\/\"},\"wordCount\":519,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/greater-vancouver-new-construction-demand-remain-strong-heading-into-q2-2022\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/greater-vancouver-new-construction-demand-remain-strong-heading-into-q2-2022\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/04\\\/greater-vancouver-new-construction-demand-remain-strong-heading-into-q2-2022\\\/\",\"name\":\"Greater Vancouver New Construction Demand Remain Strong Heading into Q2-2022 &#8226; 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