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Availability of newly built and presale condos skyrockets in Metro Vancouver: report

By Joannah Connolly for Vancouver Courier

For buyers looking for a new-build condo in Metro Vancouver, there’s good news – the number of available units has skyrocketed, according to a report released March 7.

In its quarterly State of the Market report for the Urban Development Institute, real estate research firm Urban Analytics said that the number of concrete condos that were either released for presale or completed and unsold, at the end of 2018’s fourth quarter, was quadruple that of one year prior.

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There were 5,918 released and unsold new concrete condos in the region at the end of Q4 2018, which Urban Analytics said was a 134 per cent increase from the previous quarter and a 301 per cent increase compared with the same quarter in 2017.

All areas of Metro Vancouver saw a jump in inventory, but the increase was steepest in the ringed area defined as Inner Metro (which includes Burnaby, New Westminster, Richmond, West Vancouver, North Vancouver, South Delta, Tri-Cities and Squamish, but not the City of Vancouver).

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