The severely depressed nature of the Lower Mainland’s housing market throughout the first half of 2019 is prompting more developers to hold back on their approved projects, according to MLA Canada’s mid-year market update report.
Approximately 4,100 new homes within multi-family developments were introduced into the pre-sale market during the first six months, including 1,400 wood frame condominium units, 2,200 concrete condominium units, and roughly 500 townhomes.
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But this accounts for a staggering 47% decrease in the total amount of pre-sale inventory released during the same period in 2018. Despite the falling supply, BC is still projected to see 55,000 new residents from migration this year, with the vast majority moving to Metro Vancouver.