The Fifth Dimension Report - Spring 2023 Edition - Fifth Avenue REM mediaiqdigital tracking pixel
Market Intelligence, Peerage Partners, Real Estate News | March 15, 2023

Let’s spring into the season and review the numbers from the first quarter of 2023 with a concise summary of the completed fourth quarter in our Fifth Dimension Metro Vancouver & Fraser Valley report.

Spring 2023 came in like a lion and left like a lamb as we jump from wet and cold weather to a hot and sunny 27 degrees Celsius. The rejuvenating aura of this time of year, adorned with blooming flowers and the redolence of freshly cut grass, fills us with renewed optimism for the burgeoning new home real estate markets in Metro Vancouver and Fraser Valley. Within this evolving landscape, four areas have emerged as beacons of progress, showcasing remarkable improvements in the overall real estate market. Among them, Vancouver’s North Shore stands out, undergoing a remarkable transformation from a red light to a vibrant green light. This significant shift can be attributed to a remarkable 91% surge in sales absorptions during the first quarter of 2023 compared to the previous quarter, coupled with the introduction of new highrise developments that have expanded the available supply. While these two launches contributed to 70% of the first-quarter sales, it is noteworthy that absorption rates across all home product sectors, including townhomes and low-rise properties, have experienced substantial quarter-over-quarter growth.

The supporting data for this report is objectively collected and presented by renowned and renamed Zonda Urban (formerly Urban Analytics), a leading provider of advisory services on the new multifamily home market and a vital contributor to this report since 2010.

Another noteworthy area that has experienced a remarkable turnaround is South Surrey/White Rock. This locale, transitioning from a cautious yellow light, now radiates a resplendent green light, symbolizing its resurgence.

The surge in sales activity, surpassing threefold that of the previous quarter, can be attributed to a surge in townhome activity and a limited influx of new developments entering the market. Consequently, this has led to a scarcity of available condominiums in both the high and low-rise segments, underscoring the desirability and demand in this vibrant neighbourhood.

These positive developments serve as a resounding testament to the indomitable spirit of the real estate market, showcasing its remarkable ability to adapt, thrive, and overcome challenges. By seizing growth opportunities, fostering community engagement, and capitalizing on the dynamic nature of the market, we empower ourselves to embrace a future brimming with infinite possibilities. Together, we forge a path towards prosperity, where aspirations find their rightful place in the vibrant tapestry of our communities.

Please feel free to reach out with any questions you may have or to discuss potential sites you may be considering preparing for the market. The earlier marketing is introduced into the project development process, the more we can help guide and ensure the correct overall unit mix to achieve maximum sales and revenue results for each pocket of the Fraser Valley.

Click here to Download the Fifth Dimension Report, a Comprehensive Analysis of the Multi-Family New Home Market throughout Metro Vancouver & the Fraser Valley



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