Market IntelligenceEconomy

Woodframe Pre-Sale Completion Snapshot as of May 2020

 

Jun 09, 2020

Written by 

Ryan Berlin

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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, 5,647 woodframe pre-sale homes are expected to be complete.
  • Of woodframe pre-sale homes expected to complete between 2020 and 2023, 72% are sold.

Additional Insights

Of the 11,869 woodframe homes expected to complete between 2020-23, 72% have already been sold. The North Vancouver sub-market has the highest proportion of homes sold at 95%, followed by New Westminster at 94% and Squamish at 90%. Pitt Meadows/Maple Ridge (at 44%) and Vancouver West (25%) 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 products, Surrey/Delta/White Rock has the largest number of homes at 10,387 (an 18% increase compared to the January 2020 Snapshot) while Langley/Cloverdale has the second-highest at 6,446 homes (a 6% increase). A notable increase was seen in the number of contemplated woodframe homes in Abbotsford which jumped 36% (from 2,430 in the January 2020 Snapshot to 3,316 in the May 2020 Snapshot). In total, there are 36,600 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.

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.