With omnipresent construction activity transforming Victoria's skyline and densifying neighbourhoods, Victoria developers are easing into higher pre-sale condominium prices to stay in-check with a changing market. At The Wade (pictured), a mixed-use condominium and commercial development coming to Cook at Johnson streets, pre-sale home prices will rise at the end of this week. Citified.ca
Price jump: Pre-sale condo prices to inch up ahead of spring buying rush
Published March 15, 2017
Pre-sale condominium prices throughout Greater Victoria are on the rise, according to recently announced price adjustments by several developers.
Faced with rising construction and development costs – and strong demand from buyers in an inventory-starved marketplace – developers are starting to scale up unit prices to keep construction costs from jeopardizing the viability of their projects, and as a competitive measure.
Although pre-sale purchasing opportunities in Victoria are quick to disappear due to the rapid uptake of inventory, proponents behind pre-sale offerings routinely assess their remaining inventory price sheets as the final tally of delivering their complex projects becomes clear.
“With pre-sales, it certainly pays to get in the door as early as you can,” says developer David Price of Amadon-Westwater, the firm behind The Wade
. “As an early buyer you stand to benefit when the unit you purchased is suddenly elevated in value through a pricing adjustment, and virtually all developers undertake some form of pricing re-evaluation as shovels hit the dirt.”
Price says his latest development, situated along Cook Street between Pandora Avenue and Johnson Street, will see prices change on March 17th, a move made necessary as The Wade nears its construction groundbreaking this April.
“At The Wade we made the decision to increase prices on our remaining inventory now that our construction costs are refined. We launched sales in the fall, and since then we’ve had the opportunity to step back and re-assess the market and how it fits within our 18-month construction timeline,” Price said, adding that his peers in the development industry are closely monitoring escalating construction costs as they too move closer to site preparations.
Home buyers in the pre-sale housing market are encouraged to contact project sales staff for more information regarding unit pricing in Victoria’s hot real-estate market. With the spring buying season ramping up, pricing adjustments are expected throughout the industry in the coming days and week. C
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