A few weeks back, the Vancouver Housing Blogger released his annual summary of new condo construction, as a means of gauging future supply for the downtown market.
Not surprisingly, it has emerged that many buildings' completion dates are not always what the developers say they will be - of the 18 buildings (2891 units) that were supposed to be completed in 2006, only 11 (1584 units) were actually finished on time.
Although there were no cancelled projects, completions have evidently been pushed back by a few months, or more.
Looking ahead over the next 3-4 years, the VHB has come up with the following totals for new construction on the downtown peninsula:
- 2007: 27 buildings, 4221 units
- 2008: 22 buildings, 3043 units
- 2009: 6 buildings, 1462 units
- Proposed: 18 buildings, 1491+ units
This gives us a grand total of 73 new buildings and 10,217+ residential units that are likely to be built between now and 2010, with 2007 and 2008 being the busiest years for completions.
Note that for several proposed buildings, unit totals are not available. Furthermore, the VHB's numbers don't include the new development proposed for the SEFC neighbourhood, nor does he include new buildings along the Broadway corridor.
Not to steal his thunder, but it would seem that by late 2007, early 2008 the market is going to be hit with a lot of additional supply.
What's different about this economic cycle, is that by pre-selling their projects, developers have succeeded in pushing much of the risk of any late-boom oversupply onto buyers, as opposed to carrying it themselves.
Remember that quite a few units (as in several hundred) will be coming onstream in the Lower Lonsdale neighbourhood of North America, which is 12 minutes from Granville and Cordova. And don't forget UBC, PLUS everything on the Skytrain line (Burnaby and New West).
Posted by: Rowdy Roddy | Friday, February 02, 2007 at 04:12 PM
you may want to include a link to www.vancouvercondoreview.com with a downloadable buyers editon - complete info on all available new product by price range area developer etc
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