Author: peterwilliamsbcrealtor-ca

A 24-storey condo project in Surrey, halted due to foreclosure, is now under contract with construction paused at the 6th floor. The site includes 167 units and underground parking, with over $23 million spent so far. Another City Centre site for 500 units is also up for court-ordered sale. Condo construction and sales face challenges due to weak presales, high costs, and rising unsold inventory, especially in Surrey, Vancouver, and Burnaby. Rental development is increasing as ownership housing declines.

Condo sales in Langley dropped 22% year-over-year, with overall Fraser Valley condo sales down 21.9%. Single-family home sales in Langley fell 11.2%, while townhouses slightly increased by 1.2%. Prices declined across all housing types: single-family homes by 6.2%, townhouses by 4.9%, and condos by 9%. Factors include reduced immigration, economic uncertainty, mortgage stress tests, and a lack of investor demand for condos.