Woodframe Pre-Sale Pricing Snapshot as of January 2020

Highlights

• The data presented are price per square foot (PPSF) averages for woodframe pre-sale homes, based on the date of each project's first home sale.
• Woodframe pre-sale projects in Greater Vancouver (from Squamish to Abbotsford) that have launched in 2020 (through January) have sold at an average PPSF of $594, 7% below the 2019 year-end average of $638.

Additional Insights

In contrast to concrete, the number of woodframe pre-sale projects that launched in 2019 (39) was only 5% below the 41 launches in 2018. Through January 2020, there has only been one woodframe pre-sale project launched (The Bloc in Port Coquitlam).

In terms of pricing, most sub-markets saw a decrease in the average price per square foot

(PPSF) between 2018 and 2019. Those that saw increases were Coquitlam/Port Moody ($603 to $640), Pitt Meadows/Maple Ridge ($504 to $542), and Abbotsford ($498 to $526). Across Greater Vancouver the PPSF fell 1.3% between 2018 and 2019. This decrease has widened to 7% when comparing 2019 and 2020 YTD but, as noted earlier, the 2020 PPSF only reflects a single project.

Note that 35 woodframe projects are scheduled to be launched in the next 6 months, which will

help to improve our ability to compare woodframe prices between 2019 and 2020.

Every three months, rennie intelligence provides a Woodframe 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 woodframe 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.