VANCOUVER WEST

For the First Quarter of 2023, Vancouver West will remain classified as a “Yellow Light” submarket. The submarket experienced a 37 percent increase in sales compared to the previous quarter, recording 114 sales. The sales were largely driven by Lunar New Year promotions at the beginning of the year, but sales slowed down for the rest of the quarter. New inventory continues to be limited in this submarket as there was one new project launch released 12 units. The project had the highest blended price for townhomes and achieved a 42 percent absorption rate, indicating that activity is still active in the area. Many developments remain on hold as they finish construction or await better market conditions. The High Rise sector accounted for 76 percent of total sales, contributing the most to sales activity in the Vancouver West market. With interest rates remaining stable, there is an expectation that new project launches will occur, leading to increased sales activity.

New Market Highlights

SOTO on W28, a 20-unit townhome project by Forme Properties Inc. released 12 units in mid-March and achieved five sales at an overall blended price of $1,740 per square foot

The remaining Oakridge Towers (Tower 4, 6, and 7) developed by Westbank and Quadreal achieved 53 sales over the First Quarter of 2023. The developer offered a Lunar New Year promotion of up to $88,888 off and a reduced deposit structure of 16 percent

Aria Pacific Development’s Savoy at Queen Elizabeth Park is 90 percent sold as it achieved 14 sales over the quarter. Completion is targeted for the end of April and the incentives that was offered includes a four percent realtor commission and up to $200,000 in credit

The first two towers of Cambie Gardens by Onni have completed construction and there are 82 movein ready homes

Listraor’s Townhome project, Boden achieved six sales over the First Quarter of 2023 at blended price of $1,294 with construction expected to complete in late Spring 2023