Skip to content

Listen to Our Newest Podcast Episodes!

Podcasts

Homebuilders Association VancouverHomebuilders Association Vancouver
Homebuilders Association Vancouver
  • Find a Professional
  • About
    • Who We Are
      • Meet The Team
      • Board of Directors
      • Committees
    • What We Do
      • Charities Supported
      • News
      • Newsletters
      • Code of Ethics
    • Contact
      • General
      • Media
      • Issues
  • Homeowners
    • Podcast: Measure Twice Cut Once
    • Homebuying Master Class
    • High Performance Homes
    • Home Design & Reno Show
    • Home Shows
    • Design Build Blog
      • Kitchen Renovation Vancouver
      • Interior Designer Vancouver
    • Industry Resources
    • Coats for Kids
  • Advocacy
    • Purpose and Structure
    • Reports and Studies
    • BC Energy Step Code
    • Building Standards
    • GR Wins
    • Newsletter
    • COVID-19
      • COVID-19 Resources
      • COVID-19 Policy for Events & Meetings
  • Education
    • eLearn
    • In-Class/Online Courses
    • Builder Licensing
    • Continuing Education
    • Builders’ Blog
    • Integrated Design Process
    • RenoMark
  • Membership
    • Benefits of Joining
    • Find a Career
    • Events
      • Upcoming Events
      • Legends of Housing
      • Buildex
      • HAVAN Awards Finalist Soiree
      • HAVAN Awards Gala
      • Members Expo
      • Fall Classic Golf Tournament
    • Highlights
      • Industry Awards
      • Honorary Members
      • HAVAN Heroes
      • Spotlights
    • Marketing
      • Affinity Program
      • Sponsorships
      • Advertise With Us
    • Photo Gallery
    • FAQ
    • Members Only Page
    • Member Login
  • Awards
 
Login

Join Us

  • Find a Professional
  • About
    • Who We Are
      • Meet The Team
      • Board of Directors
      • Committees
    • What We Do
      • Charities Supported
      • News
      • Newsletters
      • Code of Ethics
    • Contact
      • General
      • Media
      • Issues
  • Homeowners
    • Podcast: Measure Twice Cut Once
    • Homebuying Master Class
    • High Performance Homes
    • Home Design & Reno Show
    • Home Shows
    • Design Build Blog
      • Kitchen Renovation Vancouver
      • Interior Designer Vancouver
    • Industry Resources
    • Coats for Kids
  • Advocacy
    • Purpose and Structure
    • Reports and Studies
    • BC Energy Step Code
    • Building Standards
    • GR Wins
    • Newsletter
    • COVID-19
      • COVID-19 Resources
      • COVID-19 Policy for Events & Meetings
  • Education
    • eLearn
    • In-Class/Online Courses
    • Builder Licensing
    • Continuing Education
    • Builders’ Blog
    • Integrated Design Process
    • RenoMark
  • Membership
    • Benefits of Joining
    • Find a Career
    • Events
      • Upcoming Events
      • Legends of Housing
      • Buildex
      • HAVAN Awards Finalist Soiree
      • HAVAN Awards Gala
      • Members Expo
      • Fall Classic Golf Tournament
    • Highlights
      • Industry Awards
      • Honorary Members
      • HAVAN Heroes
      • Spotlights
    • Marketing
      • Affinity Program
      • Sponsorships
      • Advertise With Us
    • Photo Gallery
    • FAQ
    • Members Only Page
    • Member Login
  • Awards
  • Blog, New homes, Renovating, Renovations / Renovating
  • Development

Looking Ahead

by Scott Brown, President & CEO of Fifth Avenue Real Estate Marketing Ltd.

It is coming to the end of the honeymoon period for the new NDP government. I wonder if much of our industry still feels as uncertain as I do with respect to what to expect in the coming year from the government.

There is plenty of rhetoric expected. Here’s hoping for more consultation with industry stakeholders prior to implementation. The Liberals didn’t exactly get passing grades on collaboration and communication, i.e., HST, Foreign Buyer Tax, etc. I wonder if the NDP will try to do better. Despite the aforementioned price escalation, the condominium market supply levels remain down as projected and development remains a sustained “green light” rated opportunity in all market areas throughout Metro Vancouver. We do expect a 4,000+ quarter. Unlike in years past where developers have often opted to defer a late-year launch to the first quarter of the coming year we expect the opposite. Market conditions being what they are and given the uncertainty with respect to the mortgage stress testing and further government intervention in the coming year, we expect developers to do whatever it takes to, as they say where I grew up, “make hay while the sun shines”. We expect buyers to do likewise in advance of the New Year.

So… What is on our minds as the days shorten and the holiday season approaches? There are a number of questions that are top of mind at Fifth Avenue. These include:

What effect will the new consumer financing “rules of the road” have on the start to 2018?
Last year cold and snowy weather dampened the start of the year and was largely to blame for breaking the yearlong consecutive 4,000+ units sold per quarter streak. Will there be a cold front this year? Could it be with respect to mortgage qualifications?

How sustainable is the investment demand for pre-sale condominiums?
This year Fifth Avenue will sell approximately 3,000 new multifamily homes. Given the markets we concentrate on, the majority of the homes we offer are bought by end-users. In 2010 in one speech about the Fraser Valley, I likened the investor to Elvis and cautioned that he had left the building. The King is clearly back in Port Coquitlam, Ridge Meadows, Surrey, White Rock and Langley. What is driving this interest this time? Certainly, relative affordability has part to play? But…how sustainable is this demand?

How much higher will prices go?
I cannot recall a quarter with this escalation in pricing. Pricing new offerings almost require one to suspend recent memory and more traditional ways of rationalizing pricing. Without sounding pessimistic, we do caution our existing and prospective clients to have a backup plan if aggressive pricing is not accepted by the market or conditions change. We certainly spend more time talking and thinking about in-elasticity/elasticity of demand and pricing thresholds than we do simply talking price per square foot. The question we ask most: “How much higher will these go?”

 

Written by Scott Brown, President and CEO of Fifth Avenue Real Estate Marketing Ltd.

 

Post navigation

PreviousPrevious post:Maintaining Your Home After Moving InNextNext post:Under Pressure: Putting the Job Before the Agreement

Related Posts

ConEcon – Trusted Partners in Real Estate Development
Renewable energy solutions for your home
Vintera Sink
How to Install a BLANCO VINTERA Undermount or Flushmount Kitchen Sink
BLANCO’s VINTERA Collection in Coal Black
Construction Theft
Anti-Theft Work Site Solutions
CleanBC
Rebates up to $15,000 available through CleanBC Better Homes New Construction Program
Our Members Speak
  • HAVAN is my ‘most valued’ association for my business and for me! I meet and learn from amazing people dedicated to the homebuilding industry. It’s an exciting professional atmosphere where we work together on common issues. Read more...

    Lynn Harrison, Harrison Marketing Resources
  • The HAVAN provides strong leadership.  HAVAN leaders are often in the news and you find their consistent presence in the media.  Read more...

    Larry Clay, President
  • “Being able to network with countless professionals throughout the construction industry is invaluable.” Read more...

    Janice Pynn, CEO
  • “The bulk of my business comes from fellow HAVAN members, and every year, my membership pays for itself–usually by February”. Read more...

    Martin Knowles, Owner, photographer
  • It is my pleasure to say our decision to recently join HAVAN has been the best marketing money we have spent in 30 years in business. Read more...

    Brian Jenkins, Owner
Featured Members

Join the Homebuilders Association Vancouver

Become a Member
Consumer Links
  • Find a Builder
  • Find a Renovator
  • Find Products/Services
  • Events
  • About Us
  • Podcast
Member Links
  • Membership
  • Industry Education
  • Events
  • Members Only
  • Member Login
Contact Info

T: 778-565-4288
F: 778-565-4289

#1011 – 7445 132 Street,
Surrey, BC V3W 1J8
Canada

Contact Us

Proudly affiliated with

 

 

  • Facebook
  • Twitter
  • Pinterest
  • Houzz
  • Flickr
  • YouTube
  • LinkedIn
  • Instagram
  • Podcast
Social Footer Links

Copyright © 2022 Homebuilders Association Vancouver. All rights reserved.
Serving all 21 municipalities in Metro Vancouver: Vancouver, West Vancouver, Bowen Island, Lions Bay, North Vancouver (city and district), Richmond, Burnaby, New Westminster, Coquitlam, Port Moody, Port Coquitlam, Anmore, Belcarra, Surrey, Delta, White Rock, Tsawwassen First Nations, Langley (city and township), Maple Ridge, Pitt Meadows.

Website by Red Rocket Creative Strategies

Slider images credit: Project Mint Developments, Nick Bray Architecture, TQ Construction, Designs by Katerina & Silvie

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.

CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.

Functional

Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.

Performance

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

Analytics

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.

Advertisement

Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.

Others

Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.

SAVE & ACCEPT