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2024 Sees Surging Activity in Lower Mainland Presale Market

The active presale market in Metro Vancouver and the Fraser Valley is boosting optimism among real estate buyers.

Presale launches in Metro Vancouver and the Fraser Valley have seen consecutive increases for three months in a row.

MLA Canada reported that in January, three presale projects were launched, followed by six more in February, totaling 1,024 units. The firm anticipates the introduction of 14 projects this month, with an estimated total of 2,150 units, bringing the total number of projects since the beginning of 2024 to 23.

Source: MLA Canada

Garde MacDonald, Director of Advisory at MLA Canada, highlighted the significance of spring for selling projects, attributing it to better weather and a more positive outlook compared to the previous year’s market conditions.

Between January and March 2023, a total of ten projects were launched, comprising approximately 1,700 units. MacDonald noted that the comparison of launch activities in 2024 and 2023 signals a notable increase in optimism.

In February, 42% of the 590 presale units available in Metro Vancouver and the Fraser Valley were sold. MacDonald expects this percentage to decrease by five to ten points in March due to the increased number of units entering the market.

While interest rates significantly influence potential homebuyers, presale buyers are slightly less sensitive, as they don’t need to secure a mortgage until the project is completed.

Regarding pricing, MacDonald mentioned ongoing recalibration in the presale market, driven by factors such as location, building type, and the number of bedrooms. He described the market as being in a phase of “price discovery,” lacking sufficient transactions for confident valuation.

Download the full MLA Canada report: CLICK HERE.

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Tags: presale market, presale market MLA

Burnaby Greenlights Design for Deer Lake Park Extension

Burnaby Moves Forward with Deer Lake Trail Extension

Burnaby City Council has given the green light to a concept design aimed at extending the trail loop around the popular Deer Lake.

A map showing the proposed location for a new bridge to connect Deer Lake Park trail in Burnaby. (Courtesy City of Burnaby)

At a recent council meeting, Mayor Mike Hurley emphasized the need for enhanced safety along the trail, noting that currently, pedestrians are required to exit onto Deer Lake Avenue to cross the water.

This poses safety concerns due to narrow and busy streets.

“I think it brings a safety element of not having to go back out onto the street, where it’s very narrow and it gets very busy there — people are forced to walk on the street, and it becomes quite dangerous at times,” he said. “I think, I support this and I look forward to seeing it as we move along.”

City Project Manager Isabel Londono outlined the estimated cost of the extension, totaling $3.7 million, which covers the construction of a pedestrian bridge, berth walks, and pathways connecting both sides of the creek and the existing trail.

The proposed footbridge, spanning 36 meters and three meters wide, aims to improve accessibility and enhance the overall experience of Deer Lake Park, renowned for its recreational, cultural, and environmental significance.

The project is complex, with environmental and archaeological considerations.

Efforts will be made to minimize tree removal, and the city plans to engage with First Nations stakeholders as part of the process.

While construction is expected to take up to two years pending necessary permits, residents can anticipate updates on the project’s progress online.

To read more local news and projects please check our BLOG PAGE

To view Geoff Jarman’s Listings CLICK HERE