Greater Vancouver Real Estate Market – SECOND QUARTER of 2019
Buyers and Seller have more questions on the Housing Market now
Greater Vancouver Real Estate Market – SECOND QUARTER of 2019: There is too many question mark on the current real estate market now. Sellers are wondering is that a good time to sell; on the other side, buyers are also wondering is that a good time to buy. According to Metro Vancouver UA Take report, we have concluded the 6 questions and answers below:
1. What happens to those pre-sale projects???
Some projects plan to launch to the market in early 2019 but didn’t, they were not being canceled, just postponed. Given current market conditions and the nine‐month window, developers have to realize the required presales to obtain construction financing and a building permit is giving many developers of larger concrete condominium projects a cause for pause. UA recorded just nine new concrete condominium project launches in the first half of 2018, which is one‐third of the number of similar projects launched during the first six months of last year.
2. When and Where those projects will be launch??
Developers have to wait and see how’s the real estate market going first. So far, there is no sign to indicate any significant changes in the market. The new projects might launch on the 1st half of 2020, and the location must be the central location.
3. Who’s buying and what and where are they purchasing???
The greater willingness of developers to release wood frame condominium projects over concrete projects reflects the lower perceived risk of these projects, which are smaller in scale and appeal more to end-user purchasers who are attracted to the more affordable prices. As the analysis that follows will illustrate, sales activity in the wood frame condominium and townhome sector, both of which attract a higher proportion of end-user buyers than a concrete product, achieved much stronger absorptions than the concrete sector. The analysis will also show how much of the demand for a new multi‐family product in Metro Vancouver during the first half of 2019 was in the South of Fraser sub‐markets.
4. When those investors will return????
Historically, investors who are purchasing primarily for value appreciation purposes have been reluctant to re‐enter a market until they see definitive signs that it has reached the bottom of a cycle and that prices are beginning to recover from their low. It’s clear from the limited investor participation in marketing during the first half of this year that they don’t perceive the market as having reached the bottom of the cycle yet.
5. When the real estate market will recover????
Nobody knows – some reports predict 2020, some said at the end of 2020. UA suggests a number of consecutive months of MLS Vancouver statistics that show similar or improved year‐over‐year sales and pricing data will help shift the perception of market conditions among an increasing number of investors.
6. Is that a good time to buy???
Yes, Yes, Yes.
Full report is Here