Posted Oct 25, 2022, 11:11 PM
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Registered User
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Join Date: Jan 2015
Location: BC
Posts: 4,314
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Metro Vancouver pre-sale condo market slows as buyers retreat, developers delay projects
Quote:
Sales of condos and townhomes that won’t be delivered for several years have dramatically slowed to levels not seen in a decade.
Industry observers say rising interest rates and economic uncertainty are causing buyers to retreat and developers to delay projects.
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Real estate agents in North Vancouver anticipated two projects would start pre-sale contracts this fall, but both launches have been pushed to next spring or later, examples of what has been happening elsewhere in Metro Vancouver.
Those include Lennox at Lonsdale, a project by Polygon Homes for 64 condos, and Emerald by Ebb and Flow, a development by Woodbridge Homes and Citimark for 41 townhomes. Agents say they were expecting sales centres or registrations to start around September, but they were delayed.
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