While August home sales saw a slump, presale condos are hotter than ever.
According to a report from Fifth Avenue Real Estate Marketing, president Scott Brown says sales are on track to set a new record in Metro Vancouver.
“This year, almost 13,000 new condominiums and townhomes were sold.”
Brown says condo presales are up 53% in the first 6 months of this year, compared to the same time last year.
“In terms of a half year total, it’s the highest it’s ever been. In fact, there have been more sales so far this year than from 2010 to almost all of 2013.”
“Projecting, this year it will be 18,000 to 20,000 units sold.”
As for how much of a role foreign buyers play, he says they make up less than 5% in areas like Coquitlam, Langley, South Surrey, Central Surrey and North Delta.
“… But if you were in Burnaby or Richmond, that number would likely skew higher.”
He says sales are up because baby boomers are looking to downsize, and are giving their children money to enter the housing market.