The Metro Vancouver Real Estate Thread

[whatnext]

Originally Posted by Changing City

Well, there is some data on how well newly released projects are selling, although the detailed data sources are subscription services and not generally published. MLA Advisory have a fairly detailed publicly available report twice a year, and the most recent, covering the first six months of 2018, shows 74% of pre-sales released had been sold in Metro Vancouver as a whole.

There is, however, very significant variation across Metro Vancouver. 91% of the 1,573 units released for sale in 6 projects in North Burnaby sold, for example, but only 34% of the 146 units released in 2 projects in Downtown Vancouver. (Obviously there may be timing aspects to that, if they are offered closer to June than January). The reason you're seeing the White Rock project advertised may be a reflection of the fact that out of 126 units released for sale, in just one scheme - so presumably the one you referenced - only 20% had sold.

Thanks, very interesting!

With regards to resale, I found this listing in the Globe & Mail real estate pages interesting. As a snapshot it seems to indicate the various government measures are having exactly the effect voters asked for.

602 Citadel Parade, Unit 2906, Vancouver
Listing price: $848,000
Selling price: $807,000
Maintenance fees: $387.05
Taxes: $1,957.04
The sellers had bought the condo as a presale investment nearly 12 years ago. They sold because they are non-residents and didn’t want to pay the empty-homes tax, according to listing agent Ian Watt. “So they took their money elsewhere.” The buyers are a young local couple that had been looking for the past year...

The agent’s take
Sales and prices in the downtown condo market are dropping, Mr. Watt says. Comparable prices are in the $1,200-a-square-foot range, but the unit sold for $1,100 a square foot and, even then, it wasn’t an easy sell. “Lots of people came to see it, but we only got the one offer and it sold a little lower than asking. That’s the reality.”

https://www.theglobeandmail.com/real-est...mes-tax-prompts-sale-of-vancouver-condo/