The FIFTH DIMENSION: A COMPREHENSIVE ANALYSIS OF THE MULTIFAMILY REAL ESTATE MARKET IN METRO VANCOUVER
Reflect on the most recent quarter and receive insights to the year ahead with the Fifth Dimension. The quarterly report, with data collected by Urban Analytics (UA), has a core focus on suburban markets including the rapidly accelerating Fraser Valley. In the report you will find MLS Resale Highlights, Market Highlights and Summaries for the following Market Areas:
- Vancouver Downtown
- Vancouver West
- Vancouver East
- Richmond & South Delta
- Burnaby & New Westminster
- North Shore: North & West Vancouver
- Tri-Cities: Coquitlam, Port Coquitlam, Port Moody
- Ridge Meadows: Maple Ridge & Pitt Meadows
- Surrey Central & North Delta
- South Surrey & White Rock
- Cloverdale & Langley
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The Fifth Dimension also provides an overall summary of the marketplace for each quarter, broken down by the type of home sale. Learn more below with an excerpt from Fifth Avenue’s latest Quarterly Market Report.
NEW HOME SALES
Predominant purchasers in the market this quarter were both end users taking advantage of pre ‘stress-test’ interest rates and investor buyers seeking pre-sale condominium product.
There were 8,192 released and unsold new multifamily units in Metro Vancouver available at the end of the Fourth Quarter; up 83 percent compared to last quarter and up 221 percent compared to the same quarter last year. There were 395 completed and unsold new multifamily homes available to purchase at the end of the Fourth Quarter; up from the 325 recorded last quarter and up from the 80 recorded at the end of the same quarter last year.
There were 395 completed and unsold new multifamily homes available to purchase at the end of the Fourth Quarter; up from the 325 recorded last quarter and up from the 80 recorded at the end of the same quarter last year
The High Rise sector was the most notable in the Fourth Quarter as a number of new project launches resulted in both strong sales activity and a spike in released and unsold inventory. There were 3,147 new High Rise sales recorded in the Fourth Quarter, which was up 78 percent from last quarter and up 19 percent from the same quarter last year.
The Low Rise condominium sector did not perform as well as the High Rise sector in the Fourth Quarter of 2018. The 661 Low Rise sales recorded in the Fourth Quarter were down 45 percent compared to last quarter and down 22 percent compared to the same quarter last year.
Townhome sales were also not particularly strong in the Fourth Quarter of 2018 as only 239 new townhome sales were reported. This sales figure is down 50 percent from last quarter and is down 69 percent from the same quarter last year.
A total of 1,691 newer multifamily homes resold in the Fourth Quarter of 2018. This figure is down 48 percent compared to the same quarter last year and is down across all product forms. Resales are down 52 percent for High Rise condominiums, down 46 percent for Low Rise condominiums and down 45 percent for Townhomes.
Overall active listings were up 63 percent compared to the same quarter last year and were also up across all product forms. The most pronounced increase was in the High Rise sector where active listings were up 83 percent compared to the same quarter last year.
It is interesting to observe that while the Townhome and Low Rise sectors of the new home market were less active while there was still positive sales activity coming from the High Rise sector. This may provide an indication that end-user purchasers are not as confident in the short-term. In contrast, Investors purchasing into High Rise developments are seeking attractively priced projects, and are more confident in medium to long term market conditions as High Rise projects will be completing in three to five years from now. Developers have continued to offer substantial realtor commissions and purchaser incentives to help attract purchasers to their respective projects.
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