Woodframe Pre-Sale Occupancy Snapshot as of July 2019

Data highlights

• This update details the number of actively-selling, sold-out and contemplated woodframe pre-sale homes by sub-market and estimated year of occupancy.
• By the end of 2019, 4,907 woodframe pre-sale homes are expected to be ready for occupancy, an 88% increase from 2018 when 2,610 homes were completed.
• Of woodframe pre-sale homes expected to complete between 2019 and 2022, 73% are sold.

What this means for you

Of the 25,552 woodframe homes expected to complete between 2019-22, 73% have already been sold. The highest percentage of sold woodframe homes is in Pitt Meadows/Maple Ridge (97%) and the lowest is in Abbotsford (37%), with a broad range of buying opportunities across virtually all sub-markets in the region for homes completing by 2022. 

In terms of contemplated woodframe product, Surrey/Delta/White Rock leads the way with 5,322 homes while Langley/Cloverdale has the second most with 4,186. The West Side of Vancouver (210 homes), Port Coquitlam (161), and New Westminster (561), have both limited contemplated woodframe product and a high percentage of sold woodframe product completing in the next 3 years at 83%, 79%, and 74%, respectively.

Every three months, rennie intelligence provides a Concrete 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.