Vancouver’s presale market is seeing record-high inventory, but could multiplex developments be the answer to the city's growing affordability crisis?

Presale Market Inventory Continues to Climb
The latest Greater Vancouver presale market report from Altus Data Studio shows a significant rise in unsold apartment inventory for Q4 of 2024:

  • Total Inventory: 12,077 units, up from 10,803 units in Q3
  • Burnaby: Leading with 3,825 units across 39 active projects, sharp increase from 2,793 units in the previous quarter
  • Surrey: 2,604 unsold units across 45 projects, up from 2,116 units last quarter
  • Vancouver: Holds 1,571 unsold units, slightly behind Coquitlam

Condo Pricing Trends:

  • Greater Vancouver Average: $1,102 per square foot, rising from $1,085 in Q3
  • Vancouver: Tops the region at $1,710 per square foot, nearly double Abbotsford’s pricing

Understanding the Affordability Gap & Missing Middle
The surge in presale inventory underscores a growing affordability gap, with many buyers holding back as interest rates rise and prices climb. Vancouver’s high cost per square foot leaves middle-income families with limited options, deepening the Missing Middle—the gap between high-rise condos and single-family homes. This imbalance is prompting a shift towards more practical, family-oriented solutions.

Rise of Multiplexes: Bridging the Missing Middle
Multiplex developments are emerging as a strategic answer to affordability challenges:

  • Active Projects: Over 400 multiplex projects under construction or awaiting approval (City Duo's Multiplex Map)
  • Unit Sizes: Typically three to four bedrooms, designed for family living
  • Pricing: Between $1,300 to $1,500 per square foot, well-positioned between condos and detached homes
  • Projected Supply: An estimated 1,200 to 2,000 new units expected within the next 6 to 12 months
  • Zoning Benefits: Vancouver’s streamlined pre-zoning process accelerates development timelines

Market Impact & Future Outlook
The rise of multiplexes could be a game-changer for Greater Vancouver, potentially stabilizing the resale townhome market while providing a viable alternative for those priced out of traditional detached homes. These developments support urban density without sacrificing livability, aligning with Vancouver’s long-term housing goals.

Disclaimer:
This article is for educational and informational purposes. Consult me for specific neighborhood insights and tailored product information.

Tags:
#BreadyWu #Kitsilano #Vancouver Real Estate #Presale Market #Multiplex Developments #Vancouver Multiplexes

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Bready Wu | Kitsilano Home Expert | Vancouver Land Development Specialist | LinkedIn Profile

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