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MARKET SUMMARY VANCOUVER DOWNTOWN
In the First Quarter of 2023, the Vancouver Downtown market will be given a ‘Yellow Light’ status. A total of 17 sales were recorded during this period, indicating a slight increase of five sales from the previous quarter. The majority of the sales were attributed to finished move-in-ready properties, which provided realtor promotions, GST promotions, and credits up to five percent of the purchase price. Notably, a single project contributed to ten of the 17 recorded sales. Finished move-in-ready homes constituted 31 percent of the total unsold inventory in the area, with one project accounting for 71 percent of such properties. The upcoming launches of new luxury projects in the next quarter are highly anticipated. The reception of the comparatively high-end products, priced between $2,500 - $2,800 per square foot, will be instrumental in determining the market sentiment towards luxury properties.
New Market Highlights
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Marcon has commenced sales of a new 19-unit development called 2030 Barclay, located south of Stanley Park; pricing ranges from $3.5 million to $5.6 million, with unit sizes ranging from 1600 to 2300 square feet.
After an extended pause on sales efforts, Landmark on Robson by Asia Pacific Standards has released limited inventory at approximately $2,600 per square foot (net). They are also offering major promotions such as no mortgage payment for 5 years and a 5 percent commission for the realtor community for a limited number of homes sold.
The Pacific by Grosvenor has recorded 10 sales over the quarter, with just 9 units remaining. They are offering large credit offerings of up to 5 percent and an increased limited commission of 5 percent.
Brivia Group’s new 60-storey passive house high-rise condominium, Curv, started previews in late March and is anticipated to be priced at $2500 to $2600 per square foot.
**Note: The greater variation in active Sales Price Range is the result of the achievable sale value differential between comparable product in the different Downtown neighbourhoods.
