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UDI State of the Market Q1-2024
New Home Data
A total of1,310 new
concrete condominiums
were sold in Q1-2024.
INSIGHTS AND COMMENTS
• A total of 162 new concrete condominium projects were
actively selling across Metro Vancouver at the end of
Q1-2024. This reflects a decrease of two projects
compared to the previous quarter but a one-project
increase from the same quarter last year.
• The Inner Metro region accounted for 54 percent
(87 projects) of all actively selling, new concrete
condominium projects while the City of Vancouver
accounted for 35 percent (56 projects) and the Outer
Metro region accounted for 12 percent (19 projects).
• A total of 1,310 new concrete condominiums were sold
in Q1-2024, a 32 percent decrease from the previous
quarter but up two percent from the same quarter last
year.
• Concrete condominium sales in the City of Vancouver
and Inner Metro region decreased by one percent and
13 percent, respectively, while sales increased in the
Outer Metro region by 53 percent when compared to
Q1-2023.
• Of the 1,310 new concrete condominium sales, 61
percent (797 sales) were in the Inner Metro region, 30
percent (399 sales) in the Outer Metro region, and nine
percent (114 sales) in the City of Vancouver.
1: Released and unsold “inventory” includes new home product available for sale that is pre-construction, under
construction, and completed. “Standing Inventory” refers to unsold units that are complete and move-in ready.
• The Tri-Cities sub-market accounted for the highest
number of concrete condominium sales in Q1-2024,
with 421 units sold, representing 32 percent of all
total concrete sales. The Burnaby/New Westminster
sub-market was the second highest accounting for 369
sales, or 28 percent of total concrete condominium
sales in the first quarter.
• There were 6,998 released and unsold new concrete
condominiums at the end of Q1-2024, which was 326
more units compared to the previous quarter. The Inner
Metro region accounted for the most of these units,
representing 66 percent of all released and unsold
concrete condominiums.
• Out of the 6,998 units of released and unsold concrete
inventory, 1,275 units (18 percent) were move-in ready
at the end of the quarter. This represented a 69 percent
increase in move-in ready concrete condominiums (519
more units) when compared to the same quarter last
year.
• The Inner Metro region accounted for 79 percent (1,008
units), the City of Vancouver accounted for 19 percent
(243 units), and the Outer Metro region accounted
for two percent (24 units) of all the move-in ready
concrete condominium units at the end of the quarter.
State of
the Market
Insights
and Comments
NEW HOME DATA:
CONCRETE
CONDOMINIUMS