Each quarter we provide a review of the most recent multi-family pre-sales data. These market snapshots provide a detailed look at factors such as availability, pricing and estimated completion for actively-selling, sold-out, and contemplated multifamily projects within the region.
quarterlymarketsnapshot METROVANCOUVER
■
AsofOctober2021
tableof contents
02 INTRO
Eachquarterweprovideareviewofthemost recentmulti-familypre-salesdata.Thesemarket snapshotsprovideadetailedlookatfactorssuchas availability,pricingandestimatedcompletionfor actively-seling,sold-out,andcontemplatedmulti- familyprojectswithintheregion.
PRE-SALEREGIONALSNAPSHOTS
03 04 05 06
ConcretePricing
ConcreteCompletions
WoodframePricing
WoodframeCompletions
RyanBerlin DIRECTOROFINTELIGENCE &SENIORECONOMIST rberlin@rennie.com
RyanWyse SENIORANALYST rwyse@rennie.com
Copyright©2021reniegroupofcompanies.Alrightsreserved.Thismaterialmaynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenpermisionofthereniegroupofcompanies.CurentasofOctober31,2021.AldatafromNHSLiveUrbanAnalytics&renie.Whiletheinformation anddatacontainedhereinhasbenobtainedfromsourcesdemedreliable,acuracycannotbeguaranted.reniegroupofcompaniesdoesnotasumeresponsibilityorliabilityforanyinacuracies.inacuracies.Therecipientoftheinformationshouldtakestepsastherecipientmaydemnecesarytoverify theinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfromarennieandasociatesadvisor.Alinformationissubjecttochangeandanypropertymaybewithdrawnfrom themarketatanytimewithoutnoticeorobligationtotherecipientfromrenniegroupofcompanies.E.&O.E. 2 ●
October2021
metrovancouver
CONCRETE pricing
• Ofthe41concretepre-saleprojectsthatlaunchedinMetroVancouverin2021,pricesaveraged$1,090PSF.
• Thisis2%higherthanthePPSFin2020,withconcreteprojectsthatlaunchedlastyearaveraging$1,067.
• ActivelyselingprojectsnorthoftheFrasercurentlyhaveanaverageof$1,168,whereasprojectssouthoftheFraserarepricedatanaverageof$852.
▶ ACTIVECONCRETEPROJECTS
squamish
AVG.PRICEPERSQFT ●<$400 ●$500-$999 ●$1,000-$1,499 ●$1,500-$1,999 ●$2,000+
©Mapbox©OSM
©2021Mapbox©OpenStreetMap
▶ CONCRETEAVERAGEPSFBYSALESSTARTYEAR
Submarket
2013 2014 2015 2016 2017 2018 2019 2020 2021
$571 $556 $559 $687 $841 $821
$463 $503 $600 $580 $565 $677 $786 $1,178
$473 $593 $661 $693 $636 $750 $882 $1,213
$1,091 $1,233 $1,356
$1,343 $2,351
$1,084 $1,086 $1,039 $1,138 $1,917 $2,969
$821 $900 $892 $1,131 $905 $1,050 $1,782 $2,700
$1,069 $1,123 $1,136 $1,225 $1,457 $1,776
VancouverDowntown VancouverWest NorthVancouver VancouverEast Richmond Burnaby Coquitlam/PortMoody CentralSurey/N.Delta Langley/Cloverdale WestVancouver Squamish SouthSurey/WhiteRock SouthDelta Ridge-Meadows PortCoquitlam NewWestminster Abbotsford/Mision
$1,760
$606 $777 $683 $745
$763 $806 $1,017 $930 $1,107
$1,020 $1,118 $1,032
$833 $916
$830 $884
$804 $877 $992
$472
$1,292
$1,946
$1,703
$1,414
$1,403
$530
$543 $577
$976
$926
$597
$522
$684
$969
$469
total
$625
$652
$722
$910
$1,157
$1,135
$1,032
$1,067
$1,090
Copyright©2021reniegroupofcompanies.Alrightsreserved.Thismaterialmaynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenpermisionofthereniegroupofcompanies.CurentasofOctober31,2021.AldatafromNHSLiveUrbanAnalytics&renie.Whilethe informationanddatacontainedhereinhasbenobtainedfromsourcesdemedreliable,acuracycanotbeguaranted.reniegroupofcompaniesdoesnotasumeresponsibilityorliabilityforanyinacuracies.inacuracies.Therecipientoftheinformationshouldtakestepsastherecipientmaydem necesarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfromarenieandasociatesadvisor.Alinformationissubjecttochangeandanyproperty maybewithdrawnfromthemarketatanytimewithoutnoticeorobligationtotherecipientfromreniegroupofcompanies.E.&O.E. 3 ●
October2021
metrovancouver
CONCRETE completions
• InQ32021,thenumberofconcretepre-salehomesthatcompletedwas4,327.
• In2020,constructioncompletedon7,828concretehomes.Anestimated9,470homes(with91%curentlysold)areexpectedtocompletebytheendof2021.
• By2026,anestimated31,238concretehomesareexpectedtocomplete(78%ofwhicharecurentlysold).
▶ CONCRETEPROJECTS,YETTOBECOMPLETED
squamish
●ACTIVE/SOLDOUT ●CONTEMPLATED
©Mapbox©OSM
©2021Mapbox©OpenStreetMap
▶ EXPECTEDFUTURECONCRETECOMPLETIONS
2021 homes %sold
2022 homes %sold
2023 homes %sold
2024 homes %sold
2025 homes %sold
2026 homes %sold
total homes %sold
contemplated
Submarket
Abbotsford/Mision Burnaby CentralSurey/N.Delta Coquitlam/PortMoody Langley/Cloverdale NewWestminster NorthVancouver PortCoquitlam Richmond Ridge-Meadows SouthDelta SouthSurey/WhiteRock Squamish VancouverDowntown
138,815 1,143 12,331 1,891 7,885 49 681 1,598 12,369 183 2,504 6,206 677 32,516 25,599 32,883 300
773 1,357 1,863
77% 90% 92%
373 1,984 2,777
86% 84% 85%
1,744 509 2,528
74% 91% 82%
332 1,438 779
82% 83% 38%
1,700
59%
3,601 5,707 9,647
79% 87% 77%
379 419
96% 99%
584 568
89% 82%
564
67%
1,148 1,132
84% 75%
382
70%
182
94%
426
76%
153 1,009
94% 96%
1,299
63%
232
34%
363
40%
708
90%
153 4,037
94% 74%
332
79%
178
88%
510
82%
139 529 341
81% 88% 79%
8,951 122 972 191 491
77% 78% 62% 51% 74%
646 268 187
49% 76% 51%
239
79%
31,238 319 2,310 1,416 1,258
78% 79% 62% 80% 73%
2,695 158 553 428
84% 75% 74% 85%
VancouverEast VancouverWest WestVancouver total
7,355 39
89% 100%
6,496
73%
3,094
67%
2,647
69%
Copyright©2021reniegroupofcompanies.Alrightsreserved.Thismaterialmaynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenpermisionofthereniegroupofcompanies.CurentasofOctober31,2021.AldatafromNHSLiveUrbanAnalytics&renie.Whilethe informationanddatacontainedhereinhasbenobtainedfromsourcesdemedreliable,acuracycanotbeguaranted.reniegroupofcompaniesdoesnotasumeresponsibilityorliabilityforanyinacuracies.inacuracies.Therecipientoftheinformationshouldtakestepsastherecipientmaydem necesarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfromarenieandasociatesadvisor.Alinformationissubjecttochangeandanyproperty maybewithdrawnfromthemarketatanytimewithoutnoticeorobligationtotherecipientfromreniegroupofcompanies.E.&O.E. 4 ●
October2021
metrovancouver
WOODFRAME pricing
• Ofthe48woodframepre-saleprojectsthatlaunchedinMetroVancouverin2021,pricesaveraged$755PSF.
• Thisis5%higherthanthePPSFin2020,withwoodframeprojectsthatlaunchedlastyearaveraging$717.
• ActivelyselingprojectsnorthoftheFrasercurentlyhaveanaverageof$814,whereasprojectssouthoftheFraserarepricedatanaverageof$618.
▶ ACTIVEWOODFRAMEPROJECTS
squamish
AVG.PRICEPERSQFT ●<$400 ●$500-$999 ●$1,000-$1,499 ●$1,500-$1,999 ●$2,000+
©Mapbox©OSM
©2021Mapbox©OpenStreetMap
▶ CONCRETEWOODFRAMEPSFBYSALESSTARTYEAR
Submarket
2013 2014 2015 2016 2017 2018 2019 2020 2021
$542 $439 $580 $400 $603 $405 $716 $482 $384 $507 $393 $585 $410
$589 $523 $593 $449 $692 $568 $790 $680 $476 $680 $444 $799 $377
$646 $591 $603 $505 $819 $603 $908 $564 $760 $636 $825 $500
$696 $548 $765 $599 $808 $512
$629 $790 $753 $778 $643 $833 $725 $867 $548
Abbotsford/Mision Burnaby CentralSurey/N.Delta Coquitlam/PortMoody Langley/Cloverdale NewWestminster NorthVancouver PortCoquitlam Richmond Ridge-Meadows SouthDelta SouthSurey/WhiteRock Squamish VancouverDowntown
$528 $415 $296 $482 $335 $523 $438 $313 $400 $356 $473
$476
$349 $512 $354 $588 $453 $334 $415 $347 $492
$743 $559 $785 $612 $847
$331 $373
$368 $638 $346 $479 $329 $490
$615 $516 $741 $668 $1,564
$643
$668 $537
$820 $709
$369
$558
$691
$744 $477
$756 $564
$707 $594
$862 $627
$1,181 $901
$1,070
$1,373 $950
$1,253 $1,065
$1,363 $928
VancouverEast VancouverWest WestVancouver
total
$426
$481
$481
$523
$611
$646
$633
$717
$755
Copyright©2021reniegroupofcompanies.Alrightsreserved.Thismaterialmaynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenpermisionofthereniegroupofcompanies.CurentasofOctober31,2021.AldatafromNHSLiveUrbanAnalytics&renie.Whilethe informationanddatacontainedhereinhasbenobtainedfromsourcesdemedreliable,acuracycanotbeguaranted.reniegroupofcompaniesdoesnotasumeresponsibilityorliabilityforanyinacuracies.inacuracies.Therecipientoftheinformationshouldtakestepsastherecipientmaydem necesarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfromarenieandasociatesadvisor.Alinformationissubjecttochangeandanyproperty maybewithdrawnfromthemarketatanytimewithoutnoticeorobligationtotherecipientfromreniegroupofcompanies.E.&O.E. 5 ●
October2021
metrovancouver
WOODFRAME completions
• InQ32021,thenumberofwoodframepre-salehomesthatcompletedwas1,984.
• In2020,constructioncompletedon3,730woodframehomes.Anestimated6,151homes(with95%curentlysold)areexpectedtocompletebytheendof2021.
• By2025,anestimated9,084woodframehomesareexpectedtocomplete(85%ofwhicharecurentlysold).
▶ WOODRAMEPROJECTS,YETTOBECOMPLETED
squamish
●ACTIVE/SOLDOUT ●CONTEMPLATED
©Mapbox©OSM
©2021Mapbox©OpenStreetMap
▶ EXPECTEDFUTUREWOODFRAMECOMPLETIONS
2021 homes %sold
2022 homes %sold
2023 homes %sold
2024 homes %sold
2025 homes %sold
total homes %sold
contemplated
Submarket
Abbotsford/Mision Burnaby CentralSurey/N.Delta Coquitlam/PortMoody Langley/Cloverdale NewWestminster NorthVancouver PortCoquitlam Richmond Ridge-Meadows SouthDelta SouthSurey/WhiteRock Squamish VancouverDowntown
441
65%
404 352 917 173 198
89% 35% 85% 14% 30% 98% 95% 80% 69% 92%
264 639
91% 64% 96% 82% 39% 88% 14% 30% 97% 91% 87% 68% 73%
2,935 2,439 1,732 1,472 2,280 433 1,524 221 6,731 3,809 9,392 945 5,151
655 600 643 53
99% 89% 92% 100%
339 162 383 38
92% 73% 94% 16%
681 251 117
99% 99% 97%
2,079 1,365 2,060
22 53
22 53
58
93%
269 49 164
193 223 39
92% 40% 92%
358 384 24 541 272 261
79
35%
24
96%
67 172
76% 67%
52
83%
183 160
100% 55%
108
83%
29 345
28% 87%
64 197
77% 82%
220 542
31% 98%
1,461 994
VancouverEast VancouverWest WestVancouver total
127
9%
1,572
89%
3,214
83%
2,719
88%
1,471
80%
108
83%
9,084
85%
41,519
Copyright©2021reniegroupofcompanies.Alrightsreserved.Thismaterialmaynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenpermisionofthereniegroupofcompanies.CurentasofOctober31,2021.AldatafromNHSLiveUrbanAnalytics&renie.Whilethe informationanddatacontainedhereinhasbenobtainedfromsourcesdemedreliable,acuracycanotbeguaranted.reniegroupofcompaniesdoesnotasumeresponsibilityorliabilityforanyinacuracies.inacuracies.Therecipientoftheinformationshouldtakestepsastherecipientmaydem necesarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfromarenieandasociatesadvisor.Alinformationissubjecttochangeandanyproperty maybewithdrawnfromthemarketatanytimewithoutnoticeorobligationtotherecipientfromreniegroupofcompanies.E.&O.E. 6 ●
The rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, we empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to help them achieve their goals. the data behind rennie
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Copyright © 2021 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 31 , 2021. All data from NHS Live Urban Analytics & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
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