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