Presales of brand new condos in Vancouver have never been stronger, even as recent figures show a slump in real estate sales in the wake of B.C.’s new 15 per cent tax on foreign buyers.
Almost all of the presale units in projects under construction downtown are spoken for and sales so far this year have broken records, according to developers. Industry watchers say it’s too soon to tell when or how a slowdown in the resale market will catch up with presales.
At the end of the second quarter there were just 42 presale units for sale in downtown Vancouver, none of which were listed for less than $1 million, according to Fifth Avenue Real Estate Marketing’s second quarter report.
However, such figures are rarely represented in statistics describing the Vancouver real estate market.