TRI-CITIES

The Tri-Cities will retain its ‘Green Light’ for the Fourth Quarter of 2022. A 46 percent increase in total sales has been observed when compared to the last quarter. There has been a total of six new project launches and of the 645 units released, 55 percent of it has been absorbed. The 356 sales achieved from new projects launched in Q4-2022 make up 77 percent of the total sales. Grand opening incentives consisting of a reduced deposit structure, bonuses of up to $20,000, and lower entry price points attracted many investors and end-users to enter the market despite current market conditions. Actively selling projects that launched prior to the Fourth quarter have benefited from the launch of new projects but noticeably reduced sales activity. However, it has been noted that many incentives have been planned for the Lunar New Year to increase buyer activity. If projects are positioned optimally towards the right demographics and price points they will continue to see increased absorption.

New Market Highlights

SOCO Two, Anthem’s second phase of the SOCO masterplan, a 228-unit High Rise development achieved 136 sales at an average blended price per square foot of $1,050 since commencing sales in mid-October with their One-Price Program incentive

Allaire and The Circadian Group released Florin in early October, a 176-unit Low Rise development, and recorded 83 sales at an average blended price of $920 per square foot

Sol, Adera’s 92-unit Low Rise development was released in mid-October and achieved 69 sales at an overall blended price of $900 per square foot

Dulex Laidler Developments released 62 units at Sitka House, a Low Rise development in Port Moody, and achieved 49 sales at an overall blended price of $1,100 since starting sales in early December

JPS Developments released Amber Gate in mid-October, a 52-unit Townhome project in Burke and sold 12 units at an overall blended price per square foot of $735

Anthem Properties brought a 69-unit Townhome project in Burquitlam, Dwell, and achieved seven sales at an overall blended price of $905 per square foot