NEW MARKET SUMMARY VANCOUVER EAST

The Vancouver East market area is set to maintain its “Yellow Light” status in the final quarter of 2023. The market area witnessed a downward shift with 114 reported sales during the quarter, reflecting a 25 percent decrease from the previous quarter. The absorption rate remained low, reaching 12 percent. New activity in the market slowed down in the latter part of 2023, with only one project launching and introducing 204 units. Despite the overall slowdown, this new project achieved 30 percent of all total sales in the quarter. Notably, the new project was part of an established masterplan, featuring multiple completed towers that provided prospective buyers with a tangible sense of the community. Projects offering reduced deposit structures, some as low as five percent, experienced success in sales. High price points continue to act as a limiting factor for potential buyers entering the housing market. As the quarter concluded, there were a total of 107 move-in ready units available, indicating opportunities for those ready to make a purchase in East Vancouver.

Market Highlights

Wesgroup released a 204-unit High Rise in their River District masterplan, Ardea, in mid October and achieved a total of 35 sales at an overall blended price of $1,250 per square foot

The River District masterplan by Wesgroup nearly accounted for all High Rise sales in the market area as Ardea, Harlin, Paradigm, and MODE reported for a combined total of 58 sales

Bailey by Streetside Developments is now 85 percent sold with 12 sales over the quarter. The project began construction and offered a reduced deposit structure of 5 percent Popolo by EPIX Developments has reported eight sales in the Fourth Quarter of 2023 at an overall blended price of $1,100 per square foot

The second phase of The Cut by Fabric Living is now previewing and is expected to release in the First Quarter of 2024 releasing 50 Townhomes into the market area