Consumers increasingly less willing to pay for higher-priced units in new developments, says Altus Group
Sales of new-build homes across Metro Vancouver fell by 19 per cent in 2018, according to a report by real estate data company Altus Group issued January 9.
In its national new home outlook, Altus Group said, “The frenzied pace in the [Metro Vancouver] market has softened with the sales rate at launch moderating, while price growth has stopped and even pulled back in certain segments of the market. A key challenge that has become more apparent as of late has been the price sensitivity of consumers, with higher-priced projects, or those priced above the competition, experiencing below-average sales rates.”
Altus Group is predicting that sales of new homes in Metro Vancouver will slip further in 2019 – although they will remain “at or close to the 10-year sales average for the market.”