Fall to bring additional pre-sales and rental supply

By Cameron McNeill
November 27, 2018

October is normally one of the busiest times in our real estate market as the summer break and back-to-school seasons come to an end. This year is no exception as more than 2,000 units are scheduled to launch in Greater Vancouver and the Fraser Valley. Many developers are gearing up for this crucial time with an anticipated 17 projects launching.

Coming to market will be five towers, resulting in more than half of the projected units. Interestingly, four of the five highrises are in New Westminster and Central Surrey, both markets that have seen low levels of new-home supply in the past two years.

The four multi-family developments are in the regions’ transit-oriented communities and they are already generating significant interest. The close proximity to rapid transit enhances the livability with the convenience of having nearby shops and services, amenities, parks and recreation, cafes and restaurants.

“New Westminster, which has seen only one concrete project launch since 2016, will have two towers open for sales this month,” explains Suzana Goncalves, MLA Canada’s chief advisory officer. “New West city centre is now one of the more affordable transit-oriented communities in the Lower Mainland.”

Access to transit can translate into monthly cost savings for residents. It can also reduce a family’s household car requirement to one instead of the standard two automobiles. The reliance on owning a vehicle can further be reduced by utilizing local car-share programs.

New rentals in East Vancouver on the rise

As the NDP government looks to deliver on its promise to increase the rental stock by 14,000 homes in the next 10 years, there is an uptick in the number of rental projects in the development application process. East Vancouver is one area that is experiencing a boost, with 29 applications in various stages that are set to bring 1,627 market rental units to the area. Another 752 homes are either in their marketing or construction phase. With a vacancy rate below one per cent, the scheduled 2,300 rental suites will bring some relief to the housing supply in this highly sought-after region.

The fall and winter of 2018 will see a competitive marketplace for pre-sales and rental housing. Additional product provides options for home seekers, which means more choice, flexibility and time to make decisions and look for the best value.

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About Cameron McNeill

Cameron McNeill is co-president of MLA Canada, a comprehensive real estate service provider in Canada. Partnering with residential developers, MLA Canada offers an unmatched level of expertise in advisory services, market intelligence, project marketing, sales, customer care and administration.

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