A just-launched sale of units in the downtown area offers clues regarding the future of this transaction type
The stunning pace of recent sales at 2 Burrard Place in downtown Vancouver seems to indicate the return of condo presale buyers to the market, according to market observers.
As reported by Pattison Group and Reliance Properties, the just-launched sales of 2 Burrard Place saw more than 100 homes (out of 239 units) sold in a mere two days to early registrants.
This was in stark contrast to the prevailing conditions over the past four years or so. During this period, downtown Vancouver had zero successful presale launches.
“Downtown Vancouver felt the brunt of government housing policies and taxes introduced in 2018, resulting in zero successful condo launches in the core since,” said Dillon Sangha, market and advisory manager at Urban Analytics. “Developers tried to launch, but cancelled or delayed plans after failing to achieve sufficient sales.”
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Sangha added that the fevered activity at 2 Burrard Place – which was impelled by surging demand and an assortment of units that include unique “convertible” floorplans – was being watched carefully by other developers who have seen their projects postponed by the pandemic.
“The project offers smaller homes with living rooms that can convert to bedrooms at night, something that, to our knowledge, is a first for downtown,” Sangha said. “The project’s success demonstrates that demand we’ve seen in other parts of Metro Vancouver this year also exists in downtown and could open the door to additional project launches in the coming months.”
