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MARKET SUMMARY VANCOUVER DOWNTOWN
The Downtown Vancouver market area will have a ‘Red Light’ status for the Fourth Quarter of 2022. Total sales decreased by eight percent when compared to the last quarter. The continual decrease in sales can be attributed due to the lack of new inventory in the market area. Only four of 13 projects in Downtown Vancouver recorded sales and there were no project launches observed over the Fourth Quarter of 2022 with the exception of The Curv taking Registrations. Four percent of the available inventory was absorbed in this market area. To increase demand, developers have decreased deposit structures and have added more favourable incentives. To start the New Year, higher sales volume is anticipated over 2023 with the Lunar New Year promotions set to take place and with the release of new inventory as a new tower is in preparation to launch in early 2023.
New Market Highlights
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Brivia Group and Henson Developments High Rise development, The Curv is introduced to the market to gather registrations leading up to their public release with 358 units, acheving 60 stories in height marking Vancouvers tallest residential building and the worlds tallest passive house.
Landa Global Properties’ High Rise development, 1818 Alberni, achieved four sales over the Fourth Quarter of 2022 that offered a realtor incentive of six percent commission on select homes
The Pacific, a High Rise Condominium by Grosvenor, reported five sales over the quarter with 19 move-in ready homes
Brenhill’s High Rise Condominium, 8X On The Park, has sold 190 units since commencing sales in May 2016 and has one move-in ready unit remaining
Brivia Group and Henson Developments 60-storey tower called Curv, is estimated to be launched in 2023
Westbanks’ 331-unit High Rise development, Butterfly, will be completing construction in 2023 There are 106 move-in ready homes in this market area
**Note: The greater variation in active Sales Price Range is the result of the achievable sale value differential between comparable product in the different Downtown neighbourhoods.
