There appears to be a resurgence in the downtown Vancouver condominium market, according to the results ahead of the sale of a future 35-story, 368-foot-tall strata tower that has just been launched.
Reliance Properties has sold over 100 of the 239 condominium units in its Two Burrard Place tower in the first two days of presale.
This is a litmus test for the downtown Vancouver condominium market, which has not seen any successful presale launches in the past four years – a downturn that began with the major interventions. of the provincial government in the housing market to discourage foreign investment and speculation.
Overall, over the past four years, the Metro Vancouver condominium market has weakened significantly and much of the remaining demand has shifted to Burnaby, Coquitlam and Surrey. This trend of the eastern suburbs accelerated significantly last year when lifestyle preferences changed in the aftermath of the pandemic, coupled with record interest rates.
Local developers whose projects are in limbo are closely monitoring Two Burrard Place’s performance, according to real estate intelligence firm Urban Analytics.
“Downtown Vancouver has suffered the brunt of the housing policies and government taxes introduced in 2018, resulting in no successful condo launches in the core since,” said Dillon Sangha, Market Manager and advice at Urban Analytics.
“The developers tried to launch, but canceled or delayed plans after failing to achieve sufficient sales,” adding that this could increase the confidence of other developers and lead to additional project launches in the coming months.
Sangha credits Two Burrard Place’s pre-sale performance to date to market demand, price, and unique floor plans – smaller homes with living rooms that can be converted into bedrooms at night. Homes vary in size between 435 square feet and 1,800 square feet.
Jon Stovell, president and CEO of Reliance Properties, describes the tower as Vancouver’s first “Euro-Luxe” condominium – living spaces inspired by European multi-family homes.
Residents have access to 30,000 square feet of amenities, including a health and wellness spa, full-size pool, and yoga space.
Two Burrard Place, designed by architectural firm IBI Group, will be located on a site mid-block at 1261 Hornby Street. This is the third and final tower of the Burrard Place complex on the block.
Immediately to the south, One Burrard Place, the city’s third tallest building, peaked at its ultimate height of 550 feet with 60 stories earlier this year. This downtown peninsula access tower from the Burrard Bridge vantage point features approximately 400 condominium homes.
The complex also includes a 13-story office building at the corner of Burrard and Drake streets, which will contain 150,000 square feet of Class AAA office space and a new replacement location for the Jim Pattison Toyota Downtown dealership in the lower levels. .
The main residential tower and office tower will be completed later this year. As for Two Burrard Place, it is expected to be completed around the middle of this decade.