August 3, 2017 More Supply for Vancouver's Pre-Sale Home Market New data on Greater Vancouver’s new construction market, report from MLA Advisory shows over 9,000 new units expected.
The real estate market in Greater Vancouver continues to see strong activity in the multi-family construction market, and a much-needed supply is coming in the last half of 2017 with an anticipated 9,390 new units.
Due to limited supply coming to market, sales are taking place at a very rapid pace. The pre-sale market saw an 88 per cent sold rate in Q1, while 82 per cent of homes sold in Q2 of 2017.
Currently, the five most active pre-sale markets to watch are Coquitlam, North Vancouver, Richmond, Vancouver and Burnaby. Burnaby is forecasted to have over 4,000 new units released to market.
The next six months could see a much-needed influx of product if expected projects are all released.
View the full Mid-Year Market Review Report for 2017 online, click here.
IMAGE // Source: MLA Advisory, Urban Analytics, RealNet