By Ryan Wyse, Manager, Analytics | September 21, 2020

The COVID-19 pandemic has had a tremendous impact on the Vancouver new home market since March. New project launches were few and far between in the second quarter of 2020 as developers adjusted to their new economic reality and government imposed safety measures. With B.C. moving to phase 3 at the end of June and pandemic restrictions easing further, that has begun to change. Developers are bringing new supply back into the market and buyers are returning as well.

According to the latest Vancouver Condominium Apartment Monitor, there were 7 new condominium apartment project openings in the Vancouver market area in the first half of Q3 2020 for a total of 664 units. That’s only 1 less project and 5 less total units than all of Q2 2020. Five of the new condominium apartment launches – accounting for more than two-thirds of the units opened in the first half of Q3 – were wood frame mid rise buildings, while the rest of the new product was in high rise buildings.

Vancouver new project openings first half Q3

Year-to-date, however, there have been only 3,221 units brought to market at new condominium apartment project openings, down 23% from the same period in 2019, which was itself a slow year for new supply. As market activity continues to pick up into the fall, more of the delayed launches from earlier in the year are likely to come to market, though much uncertainty related to the COVID-19 pandemic will continue to linger.

 

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