Slowing of the Greater Vancouver real estate market is hitting pre-sale condos. Numbers from MLA Canada, a condo pre-sale marketing agency, show new projects are seeing slow absorption in February. The slowing of sales is sending relative demand to levels that could send prices lower.
Greater Vancouver New Condo Sales Are Plummeting
Greater Vancouver condo pre-sales of new projects are slowing down very quickly. There were an estimated 171 pre-sales picked up in February, down 9.41% from the month before. This represents an 88% decline compared to the same month last year. Fewer releases than last year meant a decline was expected, just not that large of a decline.
Greater Vancouver New Condo Releases Drop
The number of new units launched…