A COMPREHENSIVE ANALYSIS OF THE MULTIFAMILY REAL ESTATE MARKET IN METRO VANCOUVER
Reflect on the most recent quarter and receive insights to the year ahead with the Fifth Dimension. The quarterly report, with data collected by Urban Analytics (UA), has a core focus on suburban markets including the rapidly accelerating Fraser Valley. In the report you will find MLS Resale Highlights, Market Highlights and Summaries for the following Market Areas:
- Vancouver Downtown
- Vancouver West
- Vancouver East
- Richmond & South Delta
- Burnaby & New Westminster
- North Shore: North & West Vancouver
- Tri-Cities: Coquitlam, Port Coquitlam, Port Moody
- Ridge Meadows: Maple Ridge & Pitt Meadows
- Surrey Central & North Delta
- South Surrey & White Rock
- Cloverdale & Langley
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The Fifth Dimension also provides an overall summary of the marketplace for each quarter, broken down by the type of home sale. Learn more below with an excerpt from Fifth Avenue’s latest Quarterly Market Report.
NEW HOME SALES
Predominant purchasers in the market this quarter were both end users taking advantage of pre ‘stress-test’ interest rates and investor buyers seeking pre-sale condominium product.
1,476 released and unsold new multifamily units in Metro Vancouver were available at the end of the Fourth Quarter. This figure is a decrease of 19 percent compared to same quarter last year and down 26 percent compared to 2016.
Strong Fourth Quarter sales in the Low Rise sector resulted in overall released and unsold inventory levels remaining near eight-year lows.The total of 384 released and unsold Low Rise condominium units at the end of the Fourth Quarter was down 48 percent compared to the same quarter last year and down 73 percent compared to the same quarter in 2015.
The High Rise sector continued its momentum into the Fourth Quarter. There were 2,645 High Rise sales recorded in the Fourth Quarter, which is up 19 percent from the last quarter but was down 18 percent from the same quarter last year. Continued pre-sale demand and a lack of significant supply resulted in released and unsold inventory levels reaching a new low of 1,476 units at the end of the quarter.
Sales activity in the townhome sector of the market was very strong in the Fourth Quarter. A total of 780 new townhome sales were reported. Overall new townhome sales were up 70 percent from the same quarter last year but were down 30 percent compared to the record-setting Fourth Quarter in 2015.
A total of 3,256 newer multifamily homes resold in the Fourth Quarter of 2017. This figure is down 10 percent since last quarter but is up 53 percent compared to the same quarter last year. Every sector achieved an increase in sales compared to the same quarter last year.
Re-sales of High Rise, Low Rise, and Townhome product have increased by 55, 42 and 63 percent, respectively.
A noteworthy trend in the marketplace is the increase in overall sales activity in the Fraser Valley and the relative decline in activity North of the Fraser. Projects in the Fraser Valley represented 42 percent of Fourth Quarter sales in Metro Vancouver. This is notably higher than the 20 percent the Fraser Valley represented in the Fourth Quarter of 2015 or the 14 percent it represented in the Fourth Quarter of 2016. Recent condominium launches in Surrey and Langley have performed particularly well, as they successfully attracted both investors and end-user purchasers who are now priced out of pre-sale developments in more expensive urban areas.
Published by FifthAvenue Real Estate.
Chestnut Park Real Estate and Peerage Realty Partners recently collaborated on the presentation of a webinar called “Real Estate Reset.”
A panel of residential real estate experts were convened to share their views on the path forward and how housing markets have – and will continue to be – affected by the global pandemic.
Peerage Realty Partners formalizes a substantial partnership with Jameson Sotheby’s International Realty of Chicago
This is Peerage Realty’s first partnership with a Sotheby’s International Realty affiliate in the United States. It will complement Peerage’s recent purchase of Sotheby’s International Realty Canada and further solidifies Peerage’s commitment to the investment in the...
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