Compared to last fall, when dozens of residential towers were launched in Metro Vancouver’s new-home market, real estate observers expect this fall to be a period of lower inventory, with smaller developments playing a prominent role in the marketplace.
These observers say demand still remains incredibly strong, explaining why prices have continued to rise for condominiums and townhouses this year. They do not anticipate that interest rate increases — there have been two this year — will have a significant impact on that demand in the short term.
MLA Canada, an amalgam of Mac Marketing Systems and BVLD Marketing Group, predicts that the five most active pre-sale markets will be Coquitlam, North Vancouver, Richmond, Vancouver and Burnaby.
“Any townhome product is going to be extremely valuable,” says MLA principal Cameron McNeill. “The single-family home market is beyond the reach of most now. Townhome product is in short supply. We will see townhomes from Squamish to Chilliwack being in incredible demand and in short supply.
“In the multi-family market, we are going to see more units congregating around transit,” he said. Heading for Home: Demand for new residential offerings expected to continue to be robust in the months ahead | Vancouver Sun