July 23, 2010
Vancouver‘s on fire. Ever since the real estate boom began in 2009, developers have been scrambling to get plans passed by the city and rushing to get their developments to the market. And they’re coming to the market now — just a hair too late.
According to the Vancouver Sun:
MPC Intelligence Inc. counted 6,659 units put into the marketing phase between March 1 and July 1, which approaches numbers thrown onto the market during the headiest days of pre-sales in 2007. But the sales are not at 2007 levels.
Hmm…that’s too bad. So what does it all MEAN then? Well, it means that Vancouver developers can say goodbye to line-ups and hello to 18-30 month selling periods. Looks like everyone jumped on the building bandwagon…and that extra weight couldn’t be supported by the market.
But that doesn’t mean that there will be a massive glut in sales, they’re just cooling down. And developers don’t actually have to build everything they’ve planned. It’s going to really suck, though, if they have to hold off on building. And expensive. Plus, our map will look a lot less exciting. I mean, check out the Vancouver map. Now that’s a lot of development.