New Housing

UDI State of the Market Report – Q1 2017

NEW MULTI-FAMILY HOUSING AVAILABILITY FALLS OFF A CLIFF ACROSS METRO VANCOUVER

VANCOUVER, BC —Availability of new multi-family housing has reached historic lows with zero new townhomes completed and move-in ready in Vancouver, and only 16 townhomes and 15 condos ready for occupancy in the entire Metro region (Lower Mainland) at the end of March 2017. These startling findings are in UDI’s first quarter State of the Market 2017 Research Report. The independent report tracks quarterly population growth with new home sales, prices and supply.
“We clearly need a regional housing strategy with more homes for more people,” says UDI President & CEO Anne McMullin.  “That means more high-rise apartments along rapid transit corridors and more townhomes, rowhomes, multi-family low-rises, duplexes and laneway homes in traditional single family neighborhoods.”

While pre-sales in various forms of construction were available for purchase as part of overall “inventory”, that doesn’t help someone who’s just moved here for a new job with a family, and needs a new home today, she added. “What’s causing the supply shortage is the restrictive single family home neighborhood zoning on 85% of our residential land base, available to a select few high income earners who can buy there. That keeps out young families, middle income earners and renters, who can’t afford single family homes.”

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UDI State of the Market report is produced by Urban Analytics and sponsored by Terra Law.

Fifth Dimension Complimentary Report – Lack of Supply A Consistent Issue

Fifth Dimension provide a complimentary report on the multifamily residential real estate market in Metro Vancouver.

3,882 new multifamily homes were sold in the First Quarter of 2017. Sustained demand, along with another similar quarter or 4,000+ units sold is projected for the Second Quarter of 2017. It is possible this number could be exceeded but this is solely dependent on accelerating the levels of supply.

Inventory levels are down 59 percent compared to an eight-year average and completed inventory levels are at an all-time low. Buying pre-sale is basically a norm/requirement now. Thus, the multifamily development remains a “green light” rated opportunity in each and every market area within the Metro Vancouver market.

Click Here To Download The Full Fifth Dimension Report

Content provided by Fifth Avenue Real Estate Marketing Ltd.