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1 in 5 new pre-sale condos released in the Lower Mainland in May sold: report

By Kenneth Chan for Daily Hive

There was an uptick in pre-sale condominium project launches in Metro Vancouver and the Fraser Valley throughout May 2019, according to MLA Advisory’s latest pre-sale real estate insights.

Analysts recorded 10 project launches creating a combined total of 539 pre-sale units for May, and the forecast for June calls for nine project launches with 737 pre-sale units. These numbers are an increase from April’s seven project launches, but the actual number of pre-sale units was higher at 779 for the first month of the second quarter.

For the month of May, about 22% of the units in the newly launched projects have been sold.

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The Fraser Valley, in particular, has been leading the way by stimulating the market with the introduction of wood frame condominiums and townhomes, with Abbotsford experiencing the strongest interest.

Overall for the second quarter of 2019, it is expected over 2,000 units will be released across the Lower Mainland, including 140 concrete homes, 1,540 wood frame homes, and 375 townhomes.

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