April 2024 is forecast to be a particularly strong month for home pre-sales in Metro Vancouver and the Fraser Valley, according to a new bulletin by MLA Canada.
Over the course of this month, a combined total of 1,996 homes in 10 projects are expected to launch within the jurisdictions of Greater Vancouver Realtors (formerly known as Real Estate of Greater Vancouver) and the Fraser Valley Real Estate Board (FVREB).
This would be the second-highest number of pre-construction home sales to release in any month since July 2022.
This follows the pre-sale release of 1,552 homes in 11 project launches in March 2024 and 590 homes in six projects in February 2024.
For April 2024’s pre-sale forecast, seven of the projects will be located within the FVREB, including Bosa Properties’ Tower Two for Parkway in Surrey City Centre.
Bosa Properties told Daily Hive Urbanized the first release of the pre-sale homes in Parkway’s Tower Two sold out over the opening weekend on April 6-7. This also follows the successful launch of Parkway’s Tower One in 2022, which sold out in a single weekend.
Due to the “overwhelming demand,” Bosa Properties accelerated the second release of homes for Parkway’s Tower 2 and unveiled new inventory this past weekend ahead of the planned Fall 2024 dates. The developer has also indicated it’s extending its “Interest Builder Program” for a limited time in support of this second release, which enables homebuyers to earn interest on their final two deposits. This program requires a 20% deposit in four instalments and will pay homebuyers simple interest on the last two deposits.
Artistic rendering of Tower 2 at Parkway in Surrey City Centre. (Bosa Properties)
Another notable project launch this month is the two-building Amson Block by Amson Group in South Surrey.
Overall, for April 2024’s pre-sale forecast, 1,103 homes will be in concrete buildings, 862 homes will be in wood-frame buildings, and 31 homes will be townhouses.
“The uptick in presale launch activity in 2024 starkly contrasts with the early months of 2023, which experienced a sluggish start to the year, and only began to gain ground in the early summer months. So far 2024 has adhered more closely to historical trends, maintaining a steady level of presale activity heading into the spring,” states MLA Canada.
As for March 2024’s performance, the notable project launches were Wesgroup Properties’ second tower at Reign in Metrotown, which saw about 80 homes sold in 45 days or 22% of the project’s total units. As well, Ledgeview by Quadra Homes in North Surrey sold 200 units or about 63% of the inventory, which was driven by its attractive $850 price per square footage and modest 5% deposit requirement.
Overall, new pre-sale projects launched in March 2024 sold 416 units, representing a 27% same-month sale rate.
“March saw more developers jump into the market and release new projects to take advantage of increased Spring demand. As such, same-month unit absorptions decreased from February even with sales increasing on an absolute basis,” said Garde MacDonald, director of advisory for MLA Canada, in a statement.
“In April, we are already seeing a significant increase in realtor/prospect engagement events at presentation centres to capitalize on a generally more active spring market.”