Walk through the sales centre for a new Burnaby strata project today and you will notice something that was missing for most of 2024 and early 2025: people signing contracts. It is a subtle shift, but for developers who spent 18 months watching interest rates erode their pro formas, it feels like the first warm day after a long winter.

Metro Vancouver's presale market is thawing. The shift is slow and selective, lacking the froth of the 2021–2022 cycle. According to Altus Group's Q1 2026 presale tracking data, absorption rates in the new strata segment have improved meaningfully compared to the same period last year, when elevated borrowing costs and buyer hesitation left many projects stalled short of the presale thresholds required for construction financing.

Recovery is concentrated in units priced between $700,000 and $950,000, predominantly one-bedroom-plus-den and two-bedroom configurations in inner suburban submarkets. Greater Vancouver Realtors (GVR) February 2026 statistics show benchmark pricing for attached units in Burnaby remains viable for both end-users and investors. New Westminster and East Vancouver show similar momentum, driven by SkyTrain proximity, relative affordability compared to the west side, and recent rezoning activity.

Developers are repricing into this window because construction costs have stabilized. Bank of Canada rate cuts through 2025 have lowered five-year fixed mortgage rates from their 2023–2024 peaks, improving buyer qualification. Furthermore, projects that were shelved—rather than cancelled—represent a significant inventory of shovel-ready sites that developers are eager to activate before carrying costs rise further.

MLA Canada's new home sales tracker indicates a notable uptick in project registrations and launches across Burnaby and New Westminster in Q1 2026. Developers are restructuring deposit schedules, adjusting unit mixes toward the $700,000–$950,000 range, and in some cases reducing project scale to lower the presale threshold required for financing.

For construction lenders, presale absorption is the primary indicator for loan deployment. A sustained improvement in absorption translates directly into a pipeline of construction starts for 2027 and 2028. Canada Mortgage and Housing Corporation (CMHC) housing starts data for Metro Vancouver reflects the impact of the 2023–2024 freeze. A recovery in absorption now sets the stage for a rebound in starts, which is critical for trades contractors and the broader construction economy.

Caution remains necessary. Buyer sentiment has shifted from reluctance to cautious engagement rather than urgency. Projects priced at $1.1 million and above, particularly larger family-oriented units, remain slow. The west side of Vancouver and some North Shore submarkets have not yet mirrored the absorption gains seen in the inner suburbs.

Zonda Urban (formerly Urban Analytics) submarket presale data shows that absorption velocity varies significantly, with projects near major transit nodes—particularly along the Expo Line—outperforming those with less direct access. In a market defined by considered decisions, walkability and transit access are functioning as pricing premiums.

For developers with entitled sites in the $700,000–$950,000 range, Q1 2026 offers a window to reactivate stalled projects. The math is more favourable than it was 12 months ago. For buyers, the projects relaunching now often offer better value propositions than those seen at the market peak.

Watch for: CMHC's Q1 2026 housing starts data, due in April, will provide confirmation of whether improved presale absorption is translating into construction activity. GVR's March 2026 statistics, expected in early April, will indicate whether resale market conditions are reinforcing the recovery.