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The Metro Vancouver pre-sale condo market, which had been seeing double-digit-percentage price gains of between 30 to 60 per cent, with each new project seemingly selling out and setting ever higher prices, is showing signs of slowing.

It’s a part of the real estate market that is unique because the sales aren’t immediately subject to the foreign-buyer’s tax implemented in July 2016. Also, sales and prices for pre-sale condos aren’t recorded in MLS figures, or monthly reports produced by real estate boards, until the units are constructed and the deals are finalized in land-title records, which can take a few years.

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“There is an adjusting of expectations,” says Michael Ferreira, managing principal at Urban Analytics, which crunches data about new condos that is used by developers. “Now, there is either a flattening of pricing to get some absorptions” or the decrease of the number of sales.