PreSale_RegionalSnapshot_July2019

pre-sale regional snapshots

DATA FOR THE MULTI-FAMILY PRE-SALES MARKET IN THE VANCOUVER REGION

published July 2019

table of contents

02 INTRO

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 occupnacy for actively-selling, sold-out, and contemplated multi-family projects within the region.

Concrete Pricing Woodframe Pricing Concrete Occupancy Woodframe Occupancy PRE-SALE REGIONAL SNAPSHOTS

Andrew Ramlo VP Intelligence aramlo@rennie.com

Ryan Berlin Senior Economist rberlin@rennie.com

Copyright©2019 renniegroupofcompanies.All rights reserved.Thismaterialmaynotbe reproducedordistributed, inwholeor inpart,without thepriorwrittenpermissionof the renniegroupofcompanies.Currentasof July5,2019.Alldata fromNHSLiveUrban Analytics&Rennie.While the informationanddatacontainedhereinhasbeenobtained from sourcesdeemed reliable,accuracycannotbeguaranteed. renniegroupofcompaniesdoesnotassume responsibilityor liability forany inaccuracies.The recipientof the information should take stepsas the recipientmaydeemnecessary to verify the informationprior toplacingany relianceupon the information.The informationcontainedwithin this report shouldnotbeusedasanopinionof value, suchopinions shouldandcanbe obtained froma rennieandassociatesadvisor.All information is subject tochangeandanypropertymaybewithdrawn from themarketatany timewithoutnoticeorobligation to the recipient from renniegroupofcompanies.E.&O.E.

pre-sale pricing snapshot

highlights •

The data presented below are price per square foot (PPSF) averages for concrete pre-sale homes, based on the date of each project’s first home sale. • Concrete pre-sale projects in Greater Vancouver that have launched in 2019 (through June) have sold at an average PPSF of $1,028, 11% below the 2018 year-end average of $1,161.

AS OF JULY 2019 CONCRETE

2018 & 2019 YTD CONCRETE PRE-SALES

squamish

2018 & 2019 ytd concrete pre-sales

< $499 $500 - $999

2018

$1,000 - $1,499 $1,500 - $1,999 $2,000 + RAPID TRANSIT LINES (EXISTING & FUTURE) MUNICIPAL BOUNDARIES 2019 YTD

CONCRETE PRICE PER SQUARE FOOT BY SALES START YEAR

CURRENT AS OF JUL 5, 2019 2012

$569 $580 $600 $662 $776 $1,016 $1,093

$453

$420 $474 $468 $501 $869 $855 $820

$441

$736 $895

$560 $692

$640

$528 $556

$580 $652 $678 $761 $959

2013 2014 2015 2016 2017 2018

$560 $850 $697

$500 $593 $601 $798 $916 $885

$1,284 $567 $1,219 $633 $1,420 $741

$801 $899

$677 $753

$1,292

$580 $469

$521 $692

$1,946 $737

$1,238 $1,078 $1,770 $681

$2,371 $3,071

$1,053 $1,364

$936

$1,220 $1,161 $1,028

$974

$1,027 $1,926 $1,131

$1,574 $1,102

2019 YTD $1,116

$1,925 $1,545 $1,320

$1,071

pre-sale pricing snapshot

highlights • The data presented below are price per square foot (PPSF) averages for woodframe pre-sale homes, based on the date of each project’s first home sale. • Woodframe pre-sale projects in Greater Vancouver that have launched in 2019 (through June) have sold at an average PPSF of $657, 1.3% above the 2018 year-end average of $649.

AS OF JULY 2019 WOODFRAME

2018 & 2019 YTD WOODFRAME PRE-SALES

squamish

< $499 $500 - $749 $750- $999 $1,000 - $1,249 $1,250 + RAPID TRANSIT LINES (EXISTING & FUTURE) MUNICIPAL BOUNDARIES 2018 & 2019 ytd woodframe pre-sales 2018 2019 YTD

WOODFRAME PRICE PER SQUARE FOOT BY SALES START YEAR

CURRENT AS OF JUL 5, 2019 2012

$469 $473 $476 $493 $588 $799 $823

$414 $438

$305 $488 $397 $346 $428 $506 $614 $619

$299 $313 $331 $336 $381 $471 $561 $535

$380 $398 $373 $415 $508 $681

$312 $296 $350 $349 $403 $444 $502

$530 $725

$525 $523 $485 $593 $716

$448 $488 $480 $513 $601 $711 $824

$432 $433 $479 $484 $526

2013 2014 2015 2016 2017 2018

$334 $329 $353 $405 $569

$478 $559 $596

$747 $759 $707

$453 $487 $683

$369

$620 $862

$410 $542

$906 $1,244 $791 $1,028 $1,624 $912

$377

$586 $602

$760 $603

$500 $646 $649

2019 YTD $804

$701

$763

$627

$1,030 $1,553

$525

$657

pre-sale occupancy snapshot

highlights •

This update details the number of actively-selling, sold-out and contemplated concrete pre-sale homes by sub-market and estimated year of occupancy. • By the end of 2019, 10,425 concrete pre-sale homes are expected to be ready for occupancy, a 42% increase from 2018 when 7,321 homes were completed. • Of concrete pre-sale homes expected to complete between 2019 and aaaa2023, 82% are sold.

AS OF JULY 2019 CONCRETE

ACTIVELY-SELLING, SOLD-OUT & CONTEMPLATED CONCRETE PROJECTS

squamish

estimated 1st occupancy date

2019-23 CONTEMPLATED RAPID TRANSIT LINES (EXISTING & FUTURE) MUNICIPAL BOUNDARIES

TOTAL CONCRETE HOMES BY 1ST YEAR OF OCCUPANCY

CURRENT AS OF JUL 5, 2019 2019

100% 100% 100%

100%

99% 100% 97% 100% 83% 100% 91% 95% 94% 75% 66% 74% 98% 81% 87% 54% 35% 95% 49%

99% 92% 74% 68% 58%

2020 2021 2022 2023

99% 81%

69% 86%

99% 84% 12% 60% 83%

78% 74% 68% 67% 60% 38% 87% 82% 75%

61% 43%

70%

79%

40%

87% 88% 82% 70% 79% 66% 91%

82%

Total 2019-23

2019 2020 2021 2022 2023

2,651 3,511 1,624 1,828 2,604

743

833 456

412

904 790 923 308 455

604 839 922

2,825 1,077

421 258 326

116 216

764 456

152

10,425 9,146 7,860 7,171 4,783

1,543

1,357

860 356

488

1,321

870 2,713

255

841 339

262

426

222

475

12,218 1,875

5,785

3,393

3,380 2,620 4,865

1,005

371

3,721

152

39,385

Total 2019-23

30,895 5,218 10,335

718

21,577

397

6,928 2,502 9,280 2,938

916

8,957

100,708

Contemplated

pre-sale occupancy snapshot

highlights •

This update details the number of actively-selling, sold-out and contemplated woodframe pre-sale homes by sub-market and estimated year of occupancy. • By the end of 2019, 4,907 woodframe pre-sale homes are expected to be ready for occupancy, an 88% increase from 2018 when 2,610 homes were completed. • Of woodframe pre-sale homes expected to complete between 2019 aaaaand 2022, 73% are sold.

AS OF JULY 2019 WOODFRAME

ACTIVELY-SELLING, SOLD-OUT & CONTEMPLATED WOODFRAME PROJECTS

squamish

estimated 1st occupancy date

2019-22 CONTEMPLATED RAPID TRANSIT LINES (EXISTING & FUTURE) MUNICIPAL BOUNDARIES

TOTAL WOODFRAME HOMES BY 1ST YEAR OF OCCUPANCY

CURRENT AS OF JUL 5, 2019 2019

98% 64% 94% 97% 100% 85% 97% 94% 76% 87% 66% 95% 91% 97%

88% 94% 96% 35% 0% 94%

96% 100% 97% 95% 45% 47% 92% 75%

2020 2021 2022

69% 62%

37% 81% 32% 17%

19% 27%

16%

43% 18%

32%

85% 74% 77% 75% 50% 79% 97%

78% 83% 95%

82% 37% 94% 73%

Total 2019-22

2019 2020 2021 2022

312 112 261

1,397

551

157

120 281

238

491

142

487 452

668 265

139 354 568

177 174

4,907 4,712 2,729

129

582 540 188

1,778

440 622 398

46 52

598

625

724

157

2,707

2,927

1,617

467

332

589

169

939

933

1,061

351

12,973

Total 2019-22

1,284

561

5,322

4,186

2,798

161

1,707

626

210

1,140

1,952

2,288

3,317

25,552

Contemplated

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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