Why Nobody Is Buying Greater Vancouver Presales (July 2024)

Why nobody is buying Vancouver Presales (July 2024). There is a stagnation in the market due to the soft resale market providing better opportunity in many market segments. Surrey Central being hit the hardest but presales across Greater Vancouver are feeling the effect. Find out why presales are slumping and why the absorption rate is so low in this detailed market update for Greater Vancouver, Surrey, Langley and White Rock.
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The opinions expressed herein are solely that of Dylan Whitnack, not Remax Treeland, or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.

[@TeachersOnFire]

This video hits close to home. My wife and I put 10% down on a 3BR pre-sale condo in Latimer Village (in Langley) in 2022. Price tag was $950,000 + GST. It's been painful to watch the market soften in the years since, with like-new comparables in the area selling a full $100,000 lower (with no GST, of course). Our only comfort is that we intend to live in this condo for min. 5-10 years and I know we'll be fine in the long term, but knowing what we know now we likely wouldn't have bought two years ago.

[@DanielH874]

Build quality is terrible with most of these new units. These builds are less for living and more for investing..... It's just a place for investors to park money. I am much happier in my older building. It feels like it was actually built for someone to live in and is not shoe box size. With interest rates, material costs, labour costs and most importantly taxes and fees there is no way these prices can fall too much. As expensive as these shoe boxes are they still cost a lot to build, so if prices do fall we will get less new builds and the price will rebound. We are stuck in a supply and demand imbalance and the result is you pay a lot more for a lot less.

[@isaiahsmith8523]

Great video! I don't think people want to spend all their income on shelter. Change is coming.....

[@BL-rb7jm]

My father had 4000 acres many years ago and before I left home.He ended up only having two acres because he loved his first family and gave them all the property in the interior. But I can't believe the cost of housing. People are actually moving out of country.2 different areas in the states and in Europe. Because they're constantly living.Let's hope this goes better

[@SunnyR-yi9te]

Justin T is WORSE PM. Home crisis ,crime and inflation . manythings are fake in canada LIMA for fake Jobs, Fake Refugees , Fake two bedroom colleges ,Fake Carbon tax rebate . last 8 years changed canada under LIBERALS

[@parkerbohnn]

Move to Mexico and you get more than dou9ble the interest on your money and in an appreciating currency instead of a deprecating currency like the Canadian dollar. I moved most of my money to Mexico.

[@altset98]

Good, hope prices keep going down, it is unsustainable paying $600k+ for a 510sqft shoebox. I live in one of them and this tower has so many issues and very poor construction as well as obvious design flaws. I am glad I am renting here for a "good" deal since I locked in renting price from 2020. I am currently looking at places to buy in Maple Ridge/Langley and further east for better value, and would advice people to AVOID these "luxury" tower development that are geared towards investors and not actual families that want a decent home to live in.

[@Dylan.Whitnack.Realtor]

I wouldn’t say Langley and Maple Ridge are immune from it either, lots of poor stratas out that way as well

[@patr.5350]

no one buying because its not "pre-sale price" any more, its after built pricing. also over priced, peoples incomes have fallen behind by more than 100% and won't catch up to real state pricing without doing another job or two.

[@Coinpicker]

As these towers are getting taller and taller, therefore taking 4-4.5years to build, developers must budget the construction costs and inflation. Can’t compare with existing buildings as most don’t have A/C which is now mandated in new builds. Also new presales are planned with more EV charging parking.

[@mikedunsmuir9392]

Except they are buying

[@noelgdelacruz14]

@@Coinpicker

[@noelgdelacruz14]

@@Coinpicker

[@noelgdelacruz14]

@@Coinpicker

[@speedyfeint]

no one wants 500~700 sqft shoe boxes in the sky anymore.

[@Coinpicker]

If you think that’s too small then you don’t want to see the new 306-425 sq ft studio units in Surrey then. Anything over 500 sq ft is considered “spacious” as long as it has an efficient floor plan.

[@speedyfeint]

@@Coinpicker yeah i really feel sorry for gen z and younger generations.. i live in a detached house on a 8280 sqft lot in coquitlam and when i visit my buddy's condo (920 sqft), i feel suffocated.. and now the younger generations are brainwashed to believe even 500 sqft is "spacious".. thank god i bought mine before trudeau screwed the housing market.

[@stevecarson4162]

@@speedyfeint : I would be happy to buy a 700 sq.ft. condominium in the sky -- but not when they expect to get a million dollars for it. NOTHING is worth more than $1,000 a square foot -- not even in Vancouver. (Oh, and if you think this is all Trudeau's fault, you're in for a rude awakening after people close their eyes and vote for P.P. ,whose name they can't pronounce or spell, and about whom they know nothing.)

[@stevecarson4162]

Anyone who has been paying attention has noticed the number of "presales" that are being snapped up by INVESTORS who have no intention of ever living in the suite. They just want to flip it ASAP for as much as they can get for it -- which is why most people can't afford to buy anything. The market is going to fall a lot more before long. Just watch. Unrestricted investors have destroyed the Vancouver real-estate market by driving prices through the roof, which is why we see listings that haven't sold for MONTHS -- or even longer.

[@garygjl9036]

I watch home renovation shows on HGTV. Love it or list it being one of my faves. Aside from the fraser valley. That said there is never a single home on that show that doesn't come with significant issues and therefore significant costs attached to it. Why does the real estate business expect a buyer to accept decrepit, would never meet building code standards (which are weak as well) before the sale? Bottom line you ARE the problem. Inflated prices for rubbish properties. This is white collar crime.

[@RMD992-f2n]

those pre sales are so small and horribly floor plans and are selling at $/ per sqft way higher than resale. complete joke by incompetent developers.

[@parkerbohnn]

In America new builds still sell for less than resales. In Canada its like forty percent more.

[@parkerbohnn]

Simple the falling Yuan is making Greater Vancouver Presales too expensive for even the Chinese.

[@HAIDARAVEN]

100k per 100sqf is why

[@DTrent-uy1wl]

Is this headline even considered a headline??

[@dallassegno]

$0.8m never

[@stephenfermoyle4578]

why do all of you AGENTS have the same backdrop? and you all say the same thing

[@dallassegno]

lol maybe $125k total. lol maybe $60 tho for real.

[@cryptounleashed5305]

You don't even sound Canadian man.

[@Coinpicker]

Sure he does. Probably played a lot of junior hockey when he was young. Rough sport.😅