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.