{"id":21945,"date":"2023-06-02T11:11:00","date_gmt":"2023-06-02T18:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21945"},"modified":"2023-05-18T08:58:39","modified_gmt":"2023-05-18T15:58:39","slug":"pause-in-interest-rates-is-bring-buyers-into-the-new-home-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/06\/pause-in-interest-rates-is-bring-buyers-into-the-new-home-market\/","title":{"rendered":"Pause in Interest Rates is Bring Buyers into The New Home Market"},"content":{"rendered":"<p style=\"text-align: justify;\">The Lower Mainland real estate market delivered mixed results in the first quarter of 2023, according to a new update from MLA Canada.<\/p>\n<p style=\"text-align: justify;\">\u201cCompared to [2022], we&#8217;re definitely still on the lighter side but we&#8217;re actually at a really solid pace,\u201d said Suzana Goncalves, executive vice-president of sales and marketing at the real estate agency. \u201cWhat we have right now is a bit more sustainable and it&#8217;s good, solid activity without as much overheating as we&#8217;ve seen in the past.\u201d<\/p>\n<p style=\"text-align: justify;\">Activity and inventory are on the low side for the region\u2019s real estate markets, with the May 8 report characterizing presale units as having a steadier pace of activity and sales compared with the resale market.<\/p>\n<p style=\"text-align: justify;\">That said, Metro Vancouver and Fraser Valley\u2019s presale market still posted lower sales in the first quarter of the year when compared to 2022\u2019s booming market.<\/p>\n<p style=\"text-align: justify;\">But Burnaby and west Coquitlam were two markets with notable activity, with both areas having multiple projects with a \u201csteady pace of sales month-over-month,\u201d Goncalves said.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen you&#8217;ve got more than one project selling at a time in a neighborhood, that tends to naturally attract more people and they shop around. We&#8217;ve definitely seen the benefits in those two neighbourhoods of so much activity, people being interested in those markets, doing their due diligence and looking at what&#8217;s out there. Then we&#8217;ve seen that translate into sales,\u201d Goncalves said.<\/p>\n<p style=\"text-align: justify;\">There were 14 project launches, resulting in the introduction of 1,661 units into the Metro Vancouver and Fraser Valley markets for the first quarter, according to MLA Canada\u2019s May 8 update.<\/p>\n<p style=\"text-align: justify;\">Roughly 43% (711 units) have been sold, representing a year-over-year decline of 83%.<\/p>\n<p style=\"text-align: justify;\">The Alina by Strand development in west Coquitlam is over 90% sold. Other notable projects in the region include Perla by Polygon Realty Ltd. and South Yards by Anthem Property Group in Burnaby.<\/p>\n<p style=\"text-align: justify;\">Burnaby was the most active submarket for released inventory, with both presale programs recording same-quarter sales higher than the 43% market average.<\/p>\n<p style=\"text-align: justify;\">The Bank of Canada paused interest rate hikes at 4.5% in March and forecast in April that inflation would cool to three per cent midway through 2023.<\/p>\n<p style=\"text-align: justify;\">The expectation of lower mortgage rates in the coming year is encouraging buyers to re-enter the presale market and supporting sentiments that the presale market will remain steady for the rest of 2023, according to MLA Canada.<\/p>\n<p style=\"text-align: justify;\">\u201cPeople believe that in a year, or two or three, when their home is actually ready, that interest rates will be in a different place. So that&#8217;s allowed us to keep trucking along at a bit more of a steady pace,\u201d Goncalves said.<\/p>\n<p style=\"text-align: justify;\">It is expected that more developers will gain confidence in the market and want to launch projects in the fall, bringing additional supply to the presale market, MLA Canada\u2019s report stated.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2023\/05\/why-lower-mainland-presale-market-could-be-sunny-autumn\" target=\"_blank\" rel=\"noopener\">Why Lower Mainland Presale Market Could Be in for A Sunny Autumn<\/a> by Claire Wilson | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Lower Mainland real estate market delivered mixed results in the first quarter of 2023, according to a new update from MLA Canada. \u201cCompared to [2022], we&#8217;re definitely still on &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/06\/pause-in-interest-rates-is-bring-buyers-into-the-new-home-market\/\">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":[13],"tags":[],"class_list":["post-21945","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pause in Interest Rates is Bring Buyers into The New Home Market &#8226; 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