May 3, 2018 May 2018 Pre-Sale Report May Pre-sale Supply to Jump to 2,300 Units, Highest This Year | Fraser Valley Multi-family Market at 75% Sold Rate Since January
As predicted new multi-family developments are slowing towards more normal sales rates as April saw just over 40 per cent of its inventory absorbed. An exciting May will see over 2,300 new pre-sale homes, the busiest month this year.
May 2018 Report Highlights
March 2018 same month sales for pre-sale units released was approximately 69%. Whereas April 2018 same month sales for new units released and sold is estimated at 43%, likely a result of no new high-rises being launched.
May is anticipated to be the busiest month of 2018 to date for pre-sale with 2,300 units being released, of which, 85% of inventory will be condos.
As more purchasers consider the Fraser Valley for home ownership, the region offers homebuyers greater purchasing power along with larger living spaces. The housing market in the Fraser Valley has seen a 75% sold rate for new pre-sale inventory from January to April 2018. It’s also interesting to note that the Fraser Valley’s strong resale market saw price escalations of 5.6 per cent for townhomes and 13.3 per cent for condominiums from December to March with further increases expected.
To view the full Pre-sale Insights Report, click here.