Lots of new condos coming

They aren’t making any more land, but they are making more condos.  Lots more condos.

Real estate market team MPC Intelligence started tracking new condo projects in Vancouver in 2005.

They just recorded the busiest six months on record for announced new concrete condo projects.

This despite a recent slow down in the presales market.

A new wave of projects is expected in the fall.

Hancock said the pace of pre-sales has slowed in the last two months, but he expects a “large wave” of new launches in the fall.

Hancock attributes the slowdown to developers postponing projects because of market conditions, and some projects being delayed in the approvals process.

He said projects priced right and in the right location — near rapid transit — are doing well, citing strong sales at the Solo District condo project in Burnaby that started pre-sales this past weekend.

Hancock noted that 55 per cent of the concrete condos introduced to the market this year have been sold, with most sales in the first quarter and “the second quarter showing slower uptake.”

He also said it’s “too early to tell” if the slowing resale market is a factor in developers delaying projects.

The presales market can’t be doing too bad when we have big projects like Marine Gateway selling out in 4 hours.  The odd thing is some people are reporting seeing bus ads for this development.

Why spend money advertising something that isn’t for sale anymore? Can anyone confirm these ads?

The good news is they have a plan to deal with the smell.

 

 

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[…] property taxes, insurance, and strata fees.. I cannot wait till this twit gets burned…” – SKS at VCI 25 Jul 2012 8:12am Share: This entry was posted in 01. He Said, She Said, 08. Overextended Buyers, 15. Misallocation […]

Someguy
Someguy
8 years ago

@patriotz:
So a June sale for Teranet is likely May or possibly even April. Got it, and it explains that the indicator lags more than I thought.

Anonymous
Anonymous
8 years ago

@Navin R. Johnson: “How about banning everyone from the burbs into downtown and completely wiping the downtown economy right out…”

Good idea. Downtown will be fine without them. Generally they don’t spend much money and just do damage anyway.

Dr. Nick Riviera
Dr. Nick Riviera
8 years ago

Not sure if anyone saw the CBC financial roundtable discussion on The National last night which focussed heavily on debt. The same four folks that were there last time. Patricia Croft kept insisting Canada would be the *only* country to engineer a soft landing in real estate. She said it twice. Its amazing how arrogant Canadians have become — We. Are. Different.

Preet Banerjee (from G&M) seemed like the only one who seemed to have a sensible scepticism about debt. Everyone else was like “debt is great!, tra la la, go buy a TV on your credit card!!”

I guess I’m just out of touch with the world today. I could never fathom buying a TV if I hadn’t saved for it.

VMD
VMD
8 years ago

@Vote Down The Facts:
also on dailyjobcuts.com ,
“Capcom Vancouver lays off 20 staff”
Thursday, 19th July 2012
Dead Rising 2 developer trims seven per cent of employees due to ‘unsuitable fit with studio goals’

VMD
VMD
8 years ago

today “inside information” says Burnaby presale condo “Moda” has just dropped its remaining units’ price by 10-20%.

fyi its opening day sale was 138 out of 249 units on June 23.

need further confirmation of its “10-20% off sale”

From what I can see, its original ad was “from $289,900”
now it’s “from 279,900”.

UnagiDon
UnagiDon
8 years ago

@Vote Down The Facts: I wonder if the Belmont Ave office is still open.
http://tinyurl.com/cvrref3

Vote Down The Facts
Vote Down The Facts
8 years ago

@Anonymous:

Confirmed. Microsoft on Cambie closed, 35 lay offs.

Loz
Loz
8 years ago

Either Spain or Greece will have to depart from the Euro – in the long term that is probably good for the world economy; in the short term there will be swings financial markets.

zrh2yvr
8 years ago

Nice weather – out drinking – sorry for being late.

Today’s Detached and attached sales were 102.
Pre July 10 was 35
Post July 9 was 67.

Almost exactly the same as yesterday.

As you can see, the pre-July 10 sales are trickling in and the post July 9 sales are creeping up.

Really like the PaulB pdf file with all the data. Tells the exact same story I’m seeing now as well. Van-West however is really stubborn for priceon the way down. Have to wonder if it will hold the current level or not.

Richmond is still dead really. That one has to fall.

Navin R. Johnson
Navin R. Johnson
8 years ago

@Anonymous:

How about banning everyone from the burbs into downtown and completely wiping the downtown economy right out…

VMD
VMD
8 years ago

#67:
not showing up on dailyjobcuts.com yet..

did see “Capcom Vancouver lays off 20 staff”
Thursday, 19th July 2012
Dead Rising 2 developer trims seven per cent of employees due to ‘unsuitable fit with studio goals’
http://www.develop-online.net/news/41461/Capcom-Vancouver-lays-off-20-staff

VMD
VMD
8 years ago

@Anonymous:
not showing up on dailyjobcuts.com yet..

did see “Capcom Vancouver lays off 20 staff”
Thursday, 19th July 2012
Dead Rising 2 developer trims seven per cent of employees due to ‘unsuitable fit with studio goals’
http://www.develop-online.net/news/41461/Capcom-Vancouver-lays-off-20-staff

Turkey
Turkey
8 years ago

@Joe_Blown_Away_By_High_Housing_Costs: There’s a lot to like in your comment. I used the term “culture war”, and I think I meant it. Try a mix-and-match: on one side, you’ve got cyclists, pedestrians, urbanists, lefties, and university profs; on the other, you’ve got suburbanites, commuters, and soccer moms. Drawing the battle lines that way is reductive to the point of being insulting, but it pretty accurately describes the state of civil discourse in the city. City hall didn’t start this fire, although they’ve certainly added some live ammunition. That, ultimately, is my point: it’s really easy to focus on a particular lightning rod (cyclists or commuters) and champion or blame Vision’s policies, but the dysfunction is collective and the trench warfare is just a distraction. People are anxious and angry, and if it wasn’t cyclists, it’d be something else. I hope you… Read more »

Anonymous
Anonymous
8 years ago

@Joe_Blown_Away_By_High_Housing_Costs: “There could be innumberable solutions to this problem:”

How about banning people from Surrey from entering the downtown core.

Anonymous
Anonymous
8 years ago

rumour is that Microsoft Games Vancouver laid off some people today … the industry continues to bleed

Joe_Blown_Away_By_High_Housing_Costs
Joe_Blown_Away_By_High_Housing_Costs
8 years ago

@anonymous “So we should just accept the distasteful behavior?” I didn’t say that. Public policy making/urban planning requires the intellectual ability to juggle many balls at the same time. I don’t think people should be forced to accept hooliganism in their residential communities and I certainly don’t think the riot was acceptable. I am making a very nuanced point. There could be innumberable solutions to this problem: -careful planning that allows for a party district/red light district that is physically separated from residential development -any residential development near party areas/entertainment districts should be oriented toward young single people -dealing with the fundamental reasons why people rioted (something I don’t want to get into–but I think we have a form of social anomie setting in because of larger issues -having affordable housing/social housing options for elderly people and disabled people all… Read more »

Anonymous
Anonymous
8 years ago

@Joe_Blown_Away_By_High_Housing_Costs: “Downtown residents do not appreciate the distasteful behaviour of those from the suburbs who come downtown to party. Although maybe these downtown residents should have considered that before deciding to live downtown”

So we should just accept the distasteful behavior? Why don’t you just except all the stuff you have been complaining all day long? You should have considered these things before deciding to stay in the lower mainland.

Joe_Blown_Away_By_High_Housing_Costs
Joe_Blown_Away_By_High_Housing_Costs
8 years ago

Just a follow up to this last point I made: “BUT the point I am making is that this desire to exclude suburbanites conflicts with Vision Vancouver/lefty discourse on inclusion and diversity.”

This is especially the case when you consider that so many suburbanites are originally from Vancouver, grew up in Vancouver, were forced out of Vancouver by high housing costs, ancestors built Vancouver, attended school in Vancouver, continue to attend school and work in Vancouver (even after they’ve been forced out of Vancouver), and socialize and shop in Vancouver.

Just because somebody lives in Surrey doesn’t mean they don’t belong to community in Vancouver. I’ve lived in Vancouver, Burnaby, New West, Surrey, Delta, Langley.

Joe_Blown_Away_By_High_Housing_Costs
Joe_Blown_Away_By_High_Housing_Costs
8 years ago

@patriotz Yes, I know that is true. Surrey contributed more rioters to the Stanley Cup riot than any other municipality in Metro Vancouver. So that empirical reality leads to this impulse in Downtown Vancouver among the residents there to want to exclude people from the suburbs from coming downtown. I hear it from Downtowners all the time, how they don’t want people coming into their neighbourhood from the suburbs. It’s the tension created from having a large residential community located within what functions as the downtown core for a metro region of 2 million. Understandably, Downtown residents do not appreciate the distasteful behaviour of those from the suburbs who come downtown to party. Although maybe these downtown residents should have considered that before deciding to live downtown. Being in an area that hums with human activity and business and socializing… Read more »

Urbain
Urbain
8 years ago

rksleung & Vote Down The Facts, if this site is still here in 10 years, we’ll all be able to see if one, the other, or neither of you is correct. That’s the nifty thing about predictions and the internet; the predictions are there for posterity. Thanks to both of you for being bold enough to make your predictions while being relatively respectful to one another.

patriotz
8 years ago

@Joe_Blown_Away_By_High_Housing_Costs:
“Look how the riot has been blamed on people from Surrey. ”

Eight of the charged listed Vancouver as their residence, with nine from Surrey, two each from Burnaby and Maple Ridge, and one each from Richmond, Delta, North Vancouver and Seattle.

Read more: http://www.vancouversun.com/news/First+Stanley+riot+charges+approved+Crown/5791567/story.html#ixzz21gjrYSrI

You’re number one!

rksleung
rksleung
8 years ago

@Vote Down The Facts: Talk back in 10 years and see who will be correct then.

Vote Down The Facts
Vote Down The Facts
8 years ago

@rksleung:

“When this paper currency collapases, don’t say I don’t warn you.”

Gold prices will collapse way before that. Good luck.