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Many of Vancouver's most fancy condos are selling at discounts
At the similarly over-the-top Hotel Georgia, 14 units are listed. The 48th-floor penthouse was once put on sale at $35.8 million, now it’s going for $20.8 million. In the neo-futurist Vancouver House, where Hutchinson says even storage lockers have sold for $150,000, more than 30 opulent apartments are up for grabs. There have only been three sales in six months, and those are smaller units going at about 10 per cent below list price.
This inflated inventory coincides with a residential highrise construction boom in Metro Vancouver, including glamorous Westbank condos about to be finished at Oakridge Park and in downtown’s sky-high Butterfly. This isn’t to mention thousands more coming on stream in new highrise clusters in Burnaby and beyond.
11-07-2024 -
Buyers are exercising caution despite dropping rates and rising inventory
On June 5, 2024, the Bank of Canada (BoC) made a strategic move by reducing its key interest rate by 25 basis points. While aimed, in part, at stimulating the housing market and making home loans more affordable, many real estate buyers remain cautious. If you recall in our Dexter Realty May Market Update, sales in May were down 20 percent year-over-year. It also marked the first month-over-month decline in sales in 2024.
One of the main reasons for buyer hesitation is ongoing inflation. Or at least, rising living costs. Despite the BoC's efforts to lower borrowing costs, inflation continues to affect everyday expenses. Rising prices for goods and services reduce disposable incomes, making it harder for potential buyers to save for down payments and manage monthly mortgage payments. The fear that inflation will continue to erode purchasing power makes many hesitant to commit to long-term financial obligations.24-06-2024 -
Vancouver council voted in favour of densifying the upscale neighbourhood of Shaughnessy
The matter was discussed at another public hearing Tuesday, after council ran out of time to vote on the motion last week.(opens in a new tab) All eight councillors who were in attendance at the meeting voted in favour of the changes, which will amend the First Shaughnessy Official Development Plan.
20-06-2024 -
Nicola Wealth Real Estate has submitted a proposal to the City of Vancouver for a twin rental tower project at 2111 Main Street
The proposed development site is located between East 5th Avenue and East 6th Avenue on Main Street. Historically, the site housed the City Centre Motor Hotel, built in 1954. After Nicola Wealth Real Estate’s acquisition of the property in 2021, it was temporarily repurposed as the City Centre Artist Lodge. The property is currently valued at $43,973,000.
The development application involves rezoning the site from IC-1 (Industrial) District to CD-1 (Comprehensive Development) District. This change would be necessary to accommodate the proposed mixed-use buildings and aligns with the Vancouver Green Buildings Policy for Rezoning and the Vancouver Building Bylaw 2019, focusing on energy and emissions performance.
20-06-2024 -
Vancouver council votes to densify upscale Shaughnessy neighbourhood
The matter was discussed at another public hearing Tuesday, after council ran out of time to vote on the motion last week.(opens in a new tab) All eight councillors who were in attendance at the meeting voted in favour of the changes, which will amend the First Shaughnessy Official Development Plan.
"First Shaughnessy" refers to the older portion of the neighbourhood, which is part of the heritage conservation area under the Vancouver Charter.
Templar Tsang-Trinaistich, director of the city's rezoning centre, explained during Tuesday's public hearing that any development applications for the neighbourhood would still go through a review process with city staff, despite the changes to the neighbourhood's development plan.
20-06-2024
