Vancouver is on the cusp of a regeneration of its pre-sale condo market.
The pre-sale of a 368-ft-tall, 35-storey strata tower by Reliance Properties at 2 Burrard Place has sold a respectable 100 of the 239 condo within the first two-days.
Metro Vancouver’s condominium market softened with the provincial government’s interventions in the housing market to deter foreign investment and speculation. So, this pre-sale of 100 units is a refreshing indication of a possible market bounce back.
Real estate intelligence firm Urban Analytic stated, “Downtown Vancouver felt the brunt of government housing policies and taxes introduced in 2018, resulting in zero successful condo launches in the core since,” said Urban Analytics Dillon Sangha. “Developers tried to launch, but cancelled or delayed plans after failing to achieve sufficient sales.”
The success of 2 Burrard Place is linked to market demand, attractive price, and floor plans that range between 435 sq ft to 1,800 sq ft.
2 Burrard Place is expected to reach completion by 2025.