Howard is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
Despite the surge in inventory, sales velocity in the presales market has been slow and it could be more of the same to close out 2024, says MLA Canada.published last week by real estate sales and marketing firm MLA Canada, Metro Vancouver just saw "the largest release of inventory since mid-2022" in Q2, which brought a diverse range of absorption trends across the region.
"At the start of the year, same-month absorptions were notably high," says MLA Canada. "This surge was fueled by projects that had been previewing for several months, strategically launching ahead of the expected Spring wave. These elevated absorption rates continued into April, reflecting strong initial demand. However, by May and June, absorption rates began to taper off.
"The average sales-to-listings ratio for all projects launched in the Fraser Valley since 2024 has been around 36%, compared to Greater Vancouver's ratio of approximately 30%," says MLA Canada. "This heightened demand can largely be attributed to its competitively priced offerings compared to Vancouver, making them more accessible and appealing to potential purchasers."
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