If you’re looking for a new condo in Greater Vancouver, a whole lot of supply is kicking around. Greater Vancouver is seeing a lot of new pre-sale projects launch in October. MLA anticipates 2,086 new units expected to hit the market, up 203% from the month before. This represents a 13.49% increase when compared to the same month last year. September was a little light, so a few of those launches could have been postponed until October.
October’s numbers are expected to the be the most new pre-sales to hit the market since February. It’s a mystery why February was so popular, but we have a hunch it may have to do with Mainland Chinese buyers. Juwai, an overseas real estate firm located in Mainland China, estimates that 21% of Chinese travelers during the February 2018 new year were looking to buy real estate overseas. If you’ve been under a rock the past few years, Mainland Chinese buyers are kind of an important market for the city.
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The slate of new condos hitting the market comes at a time when the odds are stacked against quick sales. Chinese capital controls, higher interest rates, a tighter lending criteria, and sky high prices all hit in a short time. Individually, each one of these factors would be a hurdle to developers. All three of these factors? A nightmare. On the upside, there’s inventory if you’re looking for it.