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Prices for preconstruction condo units, or presales, are not public but a new Urban Analytics report provided to Reuters shows they have nearly doubled in downtown Vancouver since the end of 2015. Resale condo prices have risen 33 per cent nationally in that time.

The hottest segment consists of small units that appeal to first-time buyers and investors, agents said, with people camping outside sales offices for days to try to make a purchase. “The pace of sales right now is like nothing I’ve ever seen before, and I’ve been in this industry for 10 years,” said Vancouver agent Amar Pal, who specializes in presales.

As a result, the number of available move-in ready new condos dropped to a decade low of just 31 units this year and now sits at 84, down from a high of 2,217 in 2013, according to Urban Analytics.

‘SCALPERS OF REAL ESTATE’

With demand high and investors eager to capitalize on escalating prices, a flurry of still-unfinished condos is being dumped on the shadow “assignment market,” where owners sell their purchase contracts to new buyers, according to agents and industry experts.

“I refer to flippers and assigners as the ‘scalpers of real estate’ because they are taking advantage of the limited supply,” said Urban Analytics principal Michael Ferreira, noting the need for new inventory to quell speculation.

Presale flipping has become so rampant that Vancouver developer Reliance Properties is charging a 25 per cent fee on any profit buyers make from selling their units before completion.