VANCOUVER EAST

The Vancouver East market area will have a ‘Red Light’ status after recording 13 total sales in the Fourth Quarter of 2022, a decrease of 48 percent from the previous quarter. Current market conditions continually affect sales activity and the release of new products. There has been only one project launch which released 69 units with an absorption rate of 14 percent. The High Rise sector had one unit returned to the developer while the Low Rise and Townhome sector saw a decrease of 20 and 78 percent in sales, respectively. With worsening market conditions, developers have halted the launches of many projects that were expected for the Fourth Quarter and the rising construction costs prevented any price decreases to attract buyers. However, there is optimism in the new year that interest rates will stabilize and the overall market conditions will improve leading to more product launches in the First Quarter of 2023.

Market Highlights

Bucci released 2550 Garden Drive in early October, a near completed 69-unit Low Rise development that achieved 71 percent of all total sales in the market area with 10 sales over the quarter; interest mainly came from end-users

Hudson Projects’ Block 1910 accounted for all the sales of the Townhome sector with two sales at an overall blended price of $1,239 per square foot

Georgia Pacific Holdings Corp. is expected to release Gemini Mount Pleasant (previously called Grand and owned by Green Oak Development) in Late March, a near-completed 18-unit concrete Condominium at an overall blended price of $1,429 per square foot

V on E49, a 26-unit Low Rise Condominium by 1969 East 49th Avenue Ltd Partnership and Rupert by Kaval Properties accounted for two remaining sales of the Low Rise sector with one sale each over the Fourth Quarter of 2022

First Track Development is expected to release a 72-unit Townhome project called Woodland Block this upcoming quarter