Woodframe Pre-Sale Completion Snapshot as of January 2020

Highlights

• This update details the number of actively-selling, sold-out, and contemplated woodframe pre-sale homes by sub-market and estimated year of completion.
• By the end of 2020, 5,683 woodframe pre-sale homes that are currently under construction are expected to complete.
• Of woodframe pre-sale homes expected to complete between 2020 and 2023, 68% are sold.

Additional Insights

Of the 11,393 woodframe homes expected to complete between 2020-23, 68% have already been sold. The North Vancouver sub-market has the highest proportion of homes sold at 94%, followed by Squamish at 88% and East Vancouver at 83%. Vancouver West (at 37%), Pitt Meadows/Maple Ridge (39%), and Abbotsford (48%) are the only sub-markets to have less than half of their woodframe inventory that is expected to complete between 2020-23 already sold.

In terms of contemplated woodframe product, Surrey/Delta/White Rock has the largest number of homes at 8,768 (a 26% increase compared to the October 2019 Snapshot) while Langley/Cloverdale has the second highest at 6,106 homes (a 49% increase). In total, there are 32,255 contemplated woodframe pre-sale homes throughout Greater Vancouver (Squamish to Abbotsford).

Every three months, rennie intelligence provides a Woodframe Multi-family Occupancy update based on the latest data sourced from Urban Analytics' NHS Live database. As part of this update, the number of concrete homes associated with actively-selling, sold-out, and contemplated multi-family projects are presented, by sub-market, and by their estimated year of first occupancy. These dates of first occupancy reflect direct estimates provided by NHS Live. 

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.