According to MLA Advisory's September Pre-Sale Insights Report, August saw seven project launches, bringing just over 1,000 units to market. Of these homes, same month sales for new inventory reached 44 per cent compared to last month’s 65 per cent absorption rate.
MLA Canada’s Chief Advisory Officer explains the state of the market, “We are seeing a pragmatic approach to home buying in this normalized pre-sale market. With increased inventory on the market consumers have more choice and time to research and find the best value.”
VANCOUVER WEST SINGLE-FAMILY HOMES CONTINUE TO DECREASE IN VALUE
The single-family market on the Westside of Vancouver continues to see a decline in value which has been taking place over the past twelve months. Since the beginning of 2018, the sales-to-active listings ratio has remained below 10 per cent, indicating a buyer’s market where home prices experience downward pressure. From July 2017 to 2018, the HPI Price has gone down by $309,700 (-8.4 per cent) which is a decrease of almost $24,000 on average per month.
SEPTEMBER ROUNDS OUT THE SUMMER BRINGING ALMOST 600 UNITS TO MARKET
With two busy summer months behind us that brought nearly 3,000 pre-sale homes to market. September is expected to see 600+ units, mainly townhomes and low and mid-rises. Expect towers to launch later this year as developers wait to release high-rise inventory in the fall, often considered a busier sales period for multi-family developments.
