NEW MARKET SUMMARY VANCOUVER WEST

For the Fourth Quarter of 2023, Vancouver West maintains its “Yellow Light“ status. During this period, the market area witnessed 118 sales during the quarter, marking a 33 percent decrease from the previous quarter, with an overall absorption rate of 12 percent. The market area saw the introduction of four new projects over the quarter, releasing a total of 101 units, with only 26 percent of these units being absorbed. The newly launched projects, including a six-storey concrete building and three Townhome developments, may have struggled due to their premium pricing strategy, targeting a niche luxury demographic and thereby limiting their audience of potential buyers. High Rise properties continued to dominate sales, constituting 42 percent of total sales, while the Low Rise sector experienced a six percent increase in sales, totaling 38 units. Many projects in this market area have temporarily halted their sales campaigns during construction activities. However, as these projects near completion, a surge in sales is anticipated with the release of new inventory into the market.

New Market Highlights

W16, by Wesgroup released their six-storey concrete condominium in late October and achieved 12 sales with a blended price per square foot of $2,000

Sightline Properties released Dahlia, their 46-unit townhome project in late October and reported two sales at an overall average price of $1,550 per square foot

Modello Homes released Be W49th, their boutique 17-unit Townhome project with an overall blended price per square foot of $1,473

Listraor released York, a 29-unit Townhome development in late October and achieved a total of 12 sales at an overall price per square foot of $1,423

Ashleigh, a six-storey 124-unit concrete condominium building by Peterson Group is expected to be launched in late January