MARKET SUMMARY - NEW
VANCOUVER DOWNTOWN The Vancouver Downtown market transitioned from a Red Light rating to a ‘Green Light’ rating. A new successful launch was observed after almost four years of minimal activity. The number of sales increased by over 1,000 percent and the inventory level increased by 46 percent compared to the previous quarter. This is the highest number of sales in this market area since the First Quarter of 2018 (174 sales) and is higher than the combined number of sales in the past eleven quarters (93 sales). 90 percent of the total sales comes from a new launch with most units being investor type, smaller one-bed and one-bed plus den units. With the increased interest in this market, Amacon’s High Rise Condominium, The Block, is expected to come to market in the Third Quarter. Additionally, Kingswood and Bosa’s High Rise Condominium development, Fifteen Fifteen, is anticipated to start previews in the Third Quarter and commence sales in the Fourth Quarter.
Released
New Market Highlights
High Rise
̵ Reliance Properties’ High Rise, Two Burrard Place, achieved 100 sales in the Second Quarter of 2021, with an overall blended price per square foot value of $1,820
Low Rise
̵ The Arc – Sky Collection, by Concord Pacific sold six homes over the quarter with one final Penthouse unit remaining in the project
Projected
Townhome Locations are approximate
̵ The Pacific by Grosvenor sold five homes in the Second Quarter of 2021 as construction nears completion and the sales office will be relocating at the site with 64 homes remaining in the project ̵ Seven of the twelve active projects are currently in framing or interior finishing stages of construction with anticipated completions set out for 2021-2023 ̵ There were no reported price changes at any of the active tempo projects
HIGH RISE SALES
111
6 THE FIFTH DIMENSION
SUMMER EDITION 2021
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LOW RISE SALES
0↔
TOWNHOME SALES
0↔
Active Projects
Unsold Inventory
Active Sales Range ($PSF)
Townhome
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—
—
High Rise
12 ↑
269 ↑
$1,500 - $2,500
Low Rise
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