VANCOUVER WEST

Vancouver West will maintain its ‘Yellow Light’ status for the Fourth Quarter of 2022. This market area recorded 83 sales, a 15 percent decrease from the previous quarter. The High Rise sector had the most sales activity with 68 sales accounting for 82 percent of total sales in Vancouver West. The Low Rise sector did not achieve any sales while the Townhome sector saw a 63 percent decrease, dropping from 41 to 15 sales. This can be attributed to the lack of new inventory in those sectors. Amidst reduced sales activity and uncertain market conditions, two new projects were released late in the Fourth Quarter of 2022 – one concrete Mid Rise and one Townhome project - which added 115 units to the market with 12 percent absorbed. Combined with new project launches reported to release in the following quarter and upcoming Lunar New Year promotions in Q1-2023, buyer activity is expected to increase.

New Market Highlights

5656 Balaclava, a 79-unit concrete condominium project by Hon Developments launched in early November with 11 sales at an overall blended price of $1,894 per square foot

IMANI Development’s 36-unit Townhome project, Savannah began sales in mid-November and sold three homes at a blended price of $1,390 per square foot

Solterra is anticipated to release Italia, a 46-unit concrete condominium project in the First Quarter of 2023

SOTO on West 28th, a 20-unit Townhome project by Forme Properties Inc. Is expected to be released in February 2023

The Hillcrest, a 17-unit Townhome by Vertex Developments is nearing completion and expected to be move in ready for early 2023

Polygon’s High Rise development, The Conservatory, led all High Rise sales this quarter with 16 sales blending at an overall price per square foot of $1,382 with a realtor bonus of up to $10,000