The slump in condo presales in the Lower Mainland has resulted in fewer projects being launched and fewer units coming to market, new numbers have confirmed.

Only 35 projects were launched between January and July in Metro Vancouver and the Fraser Valley — 40 per cent below the five-year average, according to MLA Canada, a real estate sales and marketing company.

“It’s definitely a very stagnant market,” said Barrett Sprowson, senior vice president of residential at Peterson Real Estate.

Fewer than 400 units were sold during that period, an 85 per cent drop from historical figures, MLA Canada said.

In July, 572 units were brought to market in the Lower Mainland, a 33 per cent decline from the five-year average for that month.

A glut of more than 4,000 new condo units — either complete

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