{"id":22962,"date":"2023-11-21T11:11:00","date_gmt":"2023-11-21T19:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22962"},"modified":"2023-11-16T10:34:05","modified_gmt":"2023-11-16T18:34:05","slug":"buyer-demand-below-typical-levels-of-new-home-units-on-offer","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/11\/buyer-demand-below-typical-levels-of-new-home-units-on-offer\/","title":{"rendered":"Buyer Demand Below Typical Levels of New Home Units on Offer"},"content":{"rendered":"<p style=\"text-align: justify;\">Metro Vancouver\u2019s residential presale market is getting some momentum thanks to a new supply of presale properties.<\/p>\n<p style=\"text-align: justify;\">Just over 3,500 presale units across 20 projects hit the local market last month, according to a Nov. 13 report from real estate agency MLA Canada.<\/p>\n<p style=\"text-align: justify;\">This influx of units \u2013 everything from condos to townhomes \u2013 represents the \u201clargest release of inventory seen in 2023\u201d for presales, the report said. Most of these units are concentrated in Burnaby\u2019s Metrotown area.<\/p>\n<p style=\"text-align: justify;\">\u201cOctober was a massive month for the release of new supply. Although this is encouraging to see, we are witnessing softer demand than seasonally expected given overarching macro forces and consumer sentiment,\u201d Garde MacDonald, director of advisory at MLA, said in a statement.<\/p>\n<p style=\"text-align: justify;\">In comparison, September 2023 had approximately 481 presale units hit the market across four projects, according to the report.<\/p>\n<p style=\"text-align: justify;\">Just over a quarter (27%) of the units that hit the market in October were sold within the same month.<br \/>\nThe MLA report said a \u201cfavourable\u201d market would have sold 30% of those units.<\/p>\n<p style=\"text-align: justify;\">\u201cDespite this, the absorptions rate is relatively robust in the context of the amount of inventory released last month, particularly for well-positioned product,\u201d said the report.<\/p>\n<p style=\"text-align: justify;\">\u201cMoving forward, recent improvements to rate stability should continue to support absorptions, with stand-out projects able to achieve high sales numbers in short time frames.\u201d<\/p>\n<p style=\"text-align: justify;\">MLA forecasts about 1,460 units across nine projects will hit the market next month compared with the 1,000 units that hit the market the same time last year, according to the report.<\/p>\n<p style=\"text-align: justify;\">The report said developers\u2019 decision to offer new presale units at this time is \u201cstrategic\u201d, owing to expectations that interest rates will fall next year.<\/p>\n<p style=\"text-align: justify;\">\u201cIn current market conditions, developers launching now are in part looking to capitalize on the \u2018early-mover advantage.\u2019 While a spring 2024 launch may bring more favourable macroeconomic conditions, going now allows developers a longer runway to establish brand recognition within a market, to create a robust Realtor and buyer database, and to build trust with potential purchasers,\u201d said the report.<\/p>\n<p style=\"text-align: justify;\">This will also allow developers time to get some units sold before rates decrease and competition in the market starts to heat up, according to MLA.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2023\/11\/why-metro-vancouvers-residential-presale-market-being-flooded-units\" target=\"_blank\" rel=\"noopener\">Why Metro Vancouver&#8217;s Residential Presale Market is Being Flooded with Units<\/a> by Claire Wilson | Burnaby Now | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Metro Vancouver\u2019s residential presale market is getting some momentum thanks to a new supply of presale properties. Just over 3,500 presale units across 20 projects hit the local market last &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/11\/buyer-demand-below-typical-levels-of-new-home-units-on-offer\/\">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-22962","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>Buyer Demand Below Typical Levels of New Home Units on Offer &#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\/2023\/11\/buyer-demand-below-typical-levels-of-new-home-units-on-offer\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Buyer Demand Below Typical Levels of New Home Units on Offer &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Metro Vancouver\u2019s residential presale market is getting some momentum thanks to a new supply of presale properties. 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