fbpx

New Construction Homes Vancouver | New Home Developments

Real estate in Vancouver has been steady since 1981, making Vancouver’s new home construction and development market one of the best in the world. Although the number of first-time homebuyers has decreased, it hasn’t stopped investors from bringing in the capital on a consistent basis. This is primarily due to the number of new construction of townhomes and condos that have been erected in the past 30 years or so.

According to MLS® Home Price Index – Real Estate Board of Greater Vancouver (August 2020):

  • The benchmark price of a Vancouver apartment condo has changed by +63% in the last 5 years and is currently $685,800.
  • The benchmark price of a Vancouver townhome has changed by +52.6% in the last 5 years and is currently $806,400.
  • The benchmark price of a Vancouver single-family detached home has changed by +27.9% in the last 5 years and is currently $1,491,300.

126 Developments
Sort by:

New Construction Homes for Sale in Vancouver BC

Vancouver is considered a hotbed for real estate investments and this trend will continue to grow further. It is even beginning to trickle down in other cities, creating further opportunities for savvy new development investors.

In the past few years, the number of townhomes, condominiums, and new construction homes have drastically increased. In September 2020, there was a 53% increase in overall sales of homes in the city of Vancouver, another strong month despite international news. As a matter of fact, the sales were above the 10-year average, which is not a surprise to most real estate experts. As predicted in the 90s, Metro Vancouver is once again going through a surge in real estate sales. The local market has once again exceeded sales despite various social and economic factors.

Interest rates are low which is making it more of a buyer’s market. At the same time, the selling price is high, but in Vancouver’s new housing market, the buyers are willing to spend premium dollars for a piece of the local real estate zone. Most home buyers are known to hold on to the property for at least 5 years, a very short turnaround time for a substantially high ROI. As on average, it takes about 10 to 15 years to see a good positive cash flow return on your investment.

The winter Olympics exposed this market to the rest of the world, and it created a large influx of international purchases almost immediately. The majority of these investors came from mainland China and other Eastern Asian countries, with a few purchases from Middle Eastern and South Asian buyers.

Due to Vancouver’s stability, weather, and current laws, the city has attracted attention from various types of investors. Including large firms that are willing to buy lots and build new developments and construction projects on them, a good example being of this is the Park Royal Mall in West Vancouver.

Neighbourhoods

In core downtown, areas like Coal Harbor and Yaletown set the benchmark for real estate in Vancouver. Most new developments here are pre-planned and are complete full on communities. This creates a long-term opportunity for real estate investors and allows capital to flow on a regular basis. Thus, creating a healthy real estate market with strong foundations.

Additionally, the Downtown core also has a few beaches such as English Bay. Although housing construction here is mainly from the 80s, there is a string of new developments that are on the rise, these developments command a premium pricing and the buyers concur.

Hot neighbourhoods with most new home developments in Vancouver are: Marpole, Mount Pleasant, Norquay Village, Oakridge, Riley Park, and West End.

Real Estate Market in Vancouver

The diversity in property types is also a big plus for investors in the Vancouver real estate market. For example. the most expensive penthouses are found within the downtown core, some of these penthouses have also been purchased by royalty from other countries. These are the ultra-luxury penthouses that range from $15 to $30 million on average. Luxury apartments and condos have also risen quite a lot, especially since the Olympics.

However, 80 percent of these new developments in Vancouver is sold out in advance, including a successful number of presales. The majority of properties are sold within a 3-9-month time frame, being the fastest presale rate in BC and Canada wide, with future projections predicting this trend to continue for the next 15 to 20 years.

After 20 years, the overall Market in Vancouver would be fairly balanced and, in some cases, even competing against other neighboring cities. Either way, the market price for new developments and new construction homes in Vancouver, will continue to rise. As long as there is a heavy push on quality immigration (Business owners, accredited investors, etc.), Vancouver’s real estate is expected to grow as well.

Home Price Index for Greater Vancouver BC

According to MLS® Summary – Real Estate Board of Greater Vancouver (October 2020),

VANCOUVER EAST

  • The sale of single-family homes in October 2020 was 151 which was 11.7% less than 171 sales in September 2020, and more than 108 sales in October 2019. The median price in October 2020 was $1,590,000.
  • The sale of townhomes in October 2020 was 66 which was 10.8% less than 74 sales in September 2020, and more than 45 sales in October 2019. The median price in October 2020 was $1,165,000.
  • The sale of condos/apartments in October 2020 was 174 which was 11.7% less than 197 sales in September 2020, and more than 162 sales in October 2019. The median price in October 2020 was $590,000.

VANCOUVER WEST

  • The sale of single-family homes in October 2020 was 111 which was 6.7% more than 104 sales in September 2020, and more than 78 sales in October 2019. The median price in October 2020 was $3,000,000.
  • The sale of townhomes in October 2020 was 70 which was 27.3% more than 55 sales in September 2020, and more than 63 sales in October 2019. The median price in October 2020 was $1,332,500.
  • The sale of condos/apartments in October 2020 was 365 which was 3.2% less than 377 sales in September 2020, and more than 363 sales in October 2019. The median price in October 2020 was $760,000.

Top New Homes Searches

Compare listings

Compare
Your IP: 3.238.147.211 - Your City: Ashburn - Your Province: Virginia - Your Country: United States