The Metro Vancouver Real Estate Thread

[whatnext]

Hang on to your hat, 🞵🞵🞵🞵's about to get real. And this is just the sanitized real-estate-dependent media reporting:

The Metro Vancouver pre-sale condo market, which had been seeing double-digit-percentage price gains of between 30 to 60 per cent, with each new project seemingly selling out and setting ever higher prices, is showing signs of slowing.

It’s a part of the real estate market that is unique because the sales aren’t immediately subject to the foreign-buyer’s tax implemented in July 2016. Also, sales and prices for pre-sale condos aren’t recorded in MLS figures, or monthly reports produced by real estate boards, until the units are constructed and the deals are finalized in land-title records, which can take a few years...

...Projects that took these factors into consideration and adjusted prices managed to still sell well, said Ferreira, but those that neglected them “experienced much lower buyer-urgency levels and slower absorptions,” meaning instead of selling 70 to 80 per cent of units in a project within a few weeks, it might take “more incentives to get 40 to 50 per cent in a few months,” and then longer for the rest to sell...

https://vancouversun.com/business/real-e...t-sees-slowdown-and-flattening-of-prices