Concrete condo market relatively strong
The city of Vancouver saw 1,444 marketing starts for concrete condos in the first nine months of 2010. There were between 1,070 and 1,120 presales during that time, leaving 1,781 concrete condos on the market as of October 1.
“From a macro perspective, the overall health of the new concrete condominium market in Vancouver is relatively strong,” said MPC Intelligence senior manager Jeff Hancock. “There is currently about a year and a half worth of available concrete supply in the market when using the current absorption velocities. It is the inappropriate supply still lingering in the market from the pre-2008 meltdown that [the market] is struggling to absorb.”
Nearly 60% of available units (1,053) are in the west side while 663 units are downtown and 65 units are in the east side.
Wall Centre False Creek, which is bounded by Manitoba and Columbia streets, West First Avenue and West Second Avenue, officially launched October 2 so was not included in the analysis.
Hancock said, “Projects able to capture demand from Chinese investor buyers have seen relative success.”