NEW MARKET SUMMARY VANCOUVER DOWNTOWN

The Vancouver Downtown market area has maintained its “Yellow Light” status for the Fourth Quarter of 2023. The quarter witnessed a modest increase in total sales, with 37 transactions, marking a seven-sale rise compared to the preceding quarter. The Downtown Vancouver market area persists in experiencing constrained sales activity, primarily attributable to a shortage of available inventory and elevated price points. In 2023, the market has only seen the launch of two projects, introducing a combined total of 387 units. Presently, 66 units are move-in ready, and developers are offering incentives, such as GST promotions and credits, to expedite the sale of standing inventory. The products in this area continue to allure luxury and high-end buyers, including international buyers. The Downtown market is expected to maintain its current level of sales activity into the new year. However, as ongoing projects reach completion, an upswing in marketing activity is anticipated, particularly for move-in ready homes.

New Market Highlights

601 Beach, by Pinnacle International, launched their 54-storey High Rise in early October releasing 252 units into the market area

Boffo Developments’ 26-storey High Rise, The Smithe, sold its last remaining eight units over the quarter and is now sold out after being on the market since early 2017

Curv, Brivia and Henson Group’s 358-unit High Rise achieved six sales over the quarter, at an overall blended price of $2,600 per square foot

Onni’s High Rise, 1335 Howe, reported 10 sales throughout the quarter, with 51 remaining units that are now move-in ready

Bosa Properties’, Fifteen Fifteen is now reported to be 65 percent sold as it achieved 10 sales over the quarter **Note: