Market IntelligenceEconomy

Concrete Pre-Sale Pricing Snapshot as of January 2020

 

Mar 02, 2020

Written by 

Ryan Berlin

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Highlights

  • The data presented are price per square foot (PPSF) averages for concrete pre-sale homes, based on the date of each project's first home sale.
  • Concrete pre-sale projects in Greater Vancouver (from Squamish to Abbotsford) that have launched in 2020 (through January) have sold at an average PPSF of $1,039, 2% above the 2019 year-end average of $1,018.
Additional Insights

The number of concrete pre-sale projects that launched in 2019 (16) was significantly reduced from 2018 (53). In no sub-market was there more than 4 project launches, which stands in stark contrast to areas such as Burnaby and Vancouver West that had 11 and 12 concrete project launches in 2018, respectively. So far in 2020 (through January) there have been 6 concrete pre-sale project launches.

In terms of pricing, all sub-markets saw a decrease in their average price per square foot (PPSF) between 2018 and 2019. The largest drop was seen in Burnaby, going from $1,094 in 2018 to $876 in 2019. This is due to the limited project launches in Burnaby in 2019, as the average of $876 is a combination of only 2 projects: Sun Tower II in Metrotown with a PPSF of $1,116 and Crescent Court at Simon Fraser University with a PPSF of $668 (two distinctly different neighbourhoods within Burnaby). The overall PPSF in Burnaby has risen in early 2020 thanks to the launch of Highline in Metrotown at $1,050 PPSF. In other sub-markets, the trend in early 2020 has been lower PPSF’s in comparison to 2019. This ranges from Coquitlam/Port Moody whose $868 PPSF was 2% below 2019’s $885 to Richmond’s early 2020 PPSF of $945 being 14% below 2019’s $1,094.

Every three months, rennie intelligence provides a Concrete Pre-Sale Pricing Snapshot based on the latest data sourced from Urban Analytics' NHS Live database. The data presented are price per square foot (PPSF) averages for concrete product based on the date of each project's first home sale. 

Our rennie intelligence division empowers individuals, organizations, and institutions with data-driven market insight and analysis. Experts in urban land economics, community planning, shifting demographics, and real estate trends, their strategic research supports a comprehensive advisory service offering and forms the basis of frequent reports and public presentations. Their thoughtful and objective approach truly embodies the core values of rennie.

Written by

Ryan Berlin

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Disclaimer: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.

Disclaimer: This is not an offering for sale. Any such offering can only be made by way of disclosure statement. E&OE. The developer reserves the right to make changes and modifications to the information herein without prior notice. Photos and renderings are representational only and may not be accurate.