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As we enter the fall of 2024, the Vancouver real estate market, particularly the presale condo segment, is entering an intriguing phase. This period presents a potentially unique opportunity for buyers looking to invest in new condos in Vancouver or find the cheapest presale condos in BC, especially in areas connected to the SkyTrain network.
👇Below we highlight some of the most attractive condo presale deals on offer as we enter into the fall market 👇
But first, are you new to presale condos or want to learn more? Here is a hugely info-packed post on presale condos at the Vancouver Real Estate Podcast.
Broader Context for Presale Deals: Current Market Conditions
1. Slow Sales and Building Inventory: The summer of 2024 has seen a quiet real estate market in Vancouver, with momentum shifting heavily towards buyers. This has resulted in an accumulation of available inventory, particularly along SkyTrain corridors where much of the new development is launching or being built.
2. Developer Response: Many developers have been postponing launches or sitting on inventory due to unfavorable market trends in 2023 & the first half of the year in 2024. This has led to increased flexibility in pricing and incentives offered by developers, especially for projects near SkyTrain stations.
3. Increased Competition: More launches are expected this fall, which means increased competition among developers to attract buyers’ attention, leading to more affordable options & better incentives in transit-oriented developments.
4. Interest Rate Environment: The Bank of Canada has cut rates three times in 2024 so far. This trend is expected to continue, at some point reigniting the housing market and making financing more accessible for buyers interested in SkyTrain-connected properties. At that point, any incentives or flexibility from the development community will disappear.
Market Statistics and Trends
- From January to July 2024, Metro Vancouver saw the launch of approximately 80 presale multi-family projects, introducing over 7,000 new units to the market, with a significant portion near SkyTrain lines.
- The absorption rate for these units stands at about 45%, with just over 3,000 units sold.
- Compared to 2023, which saw 104 presale projects and over 13,000 units launched, 2024 is on track to match these numbers.
- Resale GVR Statistics show a spike in new listings combined with patient buyers, leading to an accumulation of available inventory. We are in a buyers’ market.
Fall 2024 Outlook
1. Increased Supply: Both resale and presale markets are experiencing increasing competition for a small pool of buyers.
2. Price Flexibility: Developers are more flexible on price & other incentive structures than almost ever before, offering deals and deep incentives, particularly for properties with significant developer competition near current and future SkyTrain stations.
3. Upcoming Launches: We predict around 12 projects to launch within the next month, totaling just over 2,000 units. Many of these are concentrated along existing and planned SkyTrain routes, contributing to a more active and competitive fall season in transit-oriented areas.
Cheapest Presale Condos BC
The current market conditions have created opportunities for finding some of the cheapest presale condos in BC, particularly in SkyTrain-connected areas where you can be sure it is not only good value but that your property benefits from the long term planning of Metro Vancouver around Skytrains.
Why Focusing Near SkyTrain Makes Sense for Savvy Buyers
In the current market, savvy buyers should pay special attention to presale condos located near SkyTrain stations. We have written more extensively about Skytrain Vancouver condo‘s elsewhere.
But here’s a quick version of why this strategy makes sense:
1. Increased Property Value: Properties near transit hubs, especially SkyTrain stations, tend to appreciate faster than those in less connected areas because of buyer demand.
2. Strong Rental Demand: Properties near SkyTrain stations experience exceptionally high rental demand, making them ideal for investors because higher rents and lower vacancy rates.
3. Future Development: Areas around SkyTrain stations see increased development and urban planning initiatives.
4. Reduced Transportation Costs: For end-users, living near a SkyTrain station can significantly reduce transportation costs.
5. Environmental Considerations: Properties that allow for reduced car dependency are likely to become increasingly valuable.
6. Expansion Plans: Areas slated for new stations or line extensions could see significant price appreciation once the projects are completed such as the Broadway Skytrain Extension or the Surrey Skytrain Extension
7. Diverse Options: SkyTrain lines connect various parts of Metro Vancouver, offering options at different price points.
8. Resilience in Market Downturns: Properties in prime locations, such as those near SkyTrain stations, tend to hold their value better during market downturns.
The fall of 2024 presents a unique window of opportunity for those looking to invest in new condos in Vancouver or find the cheapest presale condos in BC’s SkyTrain-connected areas. With a combination of building inventory, increased competition among developers, and a favorable interest rate environment, buyers are in a strong position to find attractive deals in transit-oriented locations.
As the market shows signs of potential revitalization, now may be an opportune time to explore the presale condo market across Metro Vancouver’s SkyTrain network. Focus on finding the best value for your investment in these transit-oriented developments, keeping in mind the robust rental market that can provide steady returns for investors.
We can help! Here are a few (but not all!) opportunities in our current market
Elmwood Burquitlam
Where to find condo presale deals in Burquitlam?
Burquitlam is exploding in popularity with both home owners and renters. There are many reasons for this: easy Skytrain access, with the Burquitlam Station, a central location to go all over the Lower Mainland, amazing amenities, including a brand new 55,000sf YMCA & the City of Lougheed Shopping Center. It is young and it is bustling. Elmwood by Marcon Developments is a 38-storey mixed-use tower at the crossroads of Como Lake Avenue and Clarke Road and is a development you can take advantage of Burquitlam’s growing popularity.
Elmwood Incentives
Purchase a home with only a 5% deposit & receive a 5% decorating allowance at completion (that is, a 5% reduction in price upon completion).
Ironwood Coquitlam
Where to find condo presale deals in Coquitlam?
Ironwood redefines West Coquitlam living. This Qualex-Landmark project in Oakdale blends seamlessly with its sloped, gateway location. Designed by James Cheng, the 44-storey tower houses 422 units, from cozy studios to spacious 3-bedroom homes. More than just condos, Ironwood promises an elevated lifestyle at Tyndall & Como Lake just steps from the Burquitlam Skytrain Station.
Ironwood Incentives
Buy with only a 2.5% deposit in 2024. The Ironwood team is also doubling the incentives, up to &30,000 off the price with purchases this fall. A second parking stall is offered for just $20,000.
Bassano Burnaby
Where to find condo presale deals in Burnaby?
Set in ever expanding Brentwood, Bassano by Boffo is just beginning sales for its 4 tower master planned community on the cusp of Brentwood. Brentwood has exploded in popularity due to the new Amazing Brentwood Shopping Centre, easy Skytrain access, with both Brentwood and Holdom Stations, and new, luxurious homes. Bassano is a standout because it is in the beginning of a long sales process that will span the next decade. Imagine buying on the ground floor (not literally!) and taking advantage of a sales push that hypes your property for the next decade. A few reasonable assumptions: prices for tower 2, then 3, then 4 will be more expensive than first tower currently for sale. Lock in today.
Bassano Incentives
The first fifty purchasers will receive a credit anywhere between $10,000 & $25,000 depending on the home and a reduced assignment fee of $3,000.
Juno Surrey
Where to find condo presale deals in Surrey?
Juno Surrey is a landmark 33-storey mixed-use development in the heart of Surrey City Centre, offering modern urban living with excellent connectivity. Its prime location near Surrey Central Station provides easy access to downtown Vancouver, while the surrounding area offers a wealth of amenities including green spaces, shopping, and recreation facilities. As Surrey City Centre continues to evolve, Juno Surrey represents both an attractive residential option and a promising investment opportunity in this rapidly growing urban hub.
Juno Incentives
Juno Surrey is currently matching purchaser’s first 5% deposit – up to $75,000 in savings. Pay 5% now to secure your home & 5% later for a total of 10% deposit total. In the end, though, even though buyers only put down 10%, they will end up with the extra 5% for a total of a 15% deposit.
Updated on September 27, 2024 by Matt Scalena PREC. Please note these deals and incentives are time sensitive and subject to change at anytime.
