VANCOUVER EAST

The Vancouver East submarket has been given a ‘Yellow Light’ status due to its sales performance in the First Quarter of 2023. The area witnessed a significant increase of 50 percent in total sales, reaching a count of 21 total sales. Despite the limited availability of new inventory, sales activity picked up, due to various incentives. The High Rise sector dominated the market with 52 percent of all sales, while the Low Rise and Townhome sector each held 24 percent of sales. These positive market conditions have encouraged developers to showcase new projects, with some expected to be released in the Second Quarter of 2023. This preview of upcoming developments has sparked optimism in the market, signaling a possible surge in sales activity and a potential upgrade of the market status in the coming quarters.

Market Highlights

Bucci released 2550 Garden Drive in early October 2022, a near completed 69-unit Low Rise development that achieved 15 sales to date

Wesgroup’s Avalon 3 concrete condominium development sold all remaining units throughout the First Quarter of 2023

Georgia Pacific Holdings Corp. is expected to release Gemini Mount Pleasant (previously called Grand and owned by Green Oak Development) in the Second Quarter of 2023, a near-completed 18unit concrete Condominium at an overall blended price of $1,429 per square foot

Block 1910, an 8-unit townhome project by Hudson Projects sold its remaining 3 units over the First Quarter of 2023

Chard Development is expected to release a 131-unit Low Rise project called Earl this upcoming quarter