Before the pandemic even hit, developers struggled to convince Vancouverites to move downtown and accept the condo lifestyle. That tide may be beginning to change.
For some, the prices were too high, and others were likely looking to live outside of the city. A report from the Vancouver Sun claims that no new high-profile condo towers have been launched since The Butterfly tower in late 2017.
Other developers tried to follow up its success but could not pre-sell enough units to make the ventures worth it.
Jon Stovell, president and CEO of Reliance Properties, said that this wasn’t really even related to COVID. Of course, it didn’t help when it did strike. The Vancouver market just hit peak pricing and got too expensive for the majority of people.
Stovell told the Sun that more recently, people have been warming back up to the idea of living downtown in the west coast city since it’s so close to most amenities and workplaces. On the back of that feeling, Stovell’s company Reliance Properties has recently launched a plan to build a second 35-storey condo tower to go beside its existing tower at 2 Burrard Place and has sold 100 of the 239 homes in two days.
An estimate from a market advisor at Urban Analytics suggests that each unit ranged from 435 to 1,800 square feet and was pre-sold at around $1,700 to $1,850 per square foot.
Beyond all of this, more condos are starting to get approved for zoning, and it’s expected that Vancouver will begin work on a few new condo towers over the next few years again, according to the Vancouver Sun.