After four quiet years, condo presale buyers return to Downtown Vancouver

After four quiet years, condo presale buyers return to Downtown Vancouver
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VANCOUVER – Real estate market analysts say that after four years of failed condo presale launches in downtown Vancouver, buyers are returning. Pattison Group and Reliance Properties just launched sales of 2 Burrard Place and sold more than 100 homes (out of 239 homes) in two days to early registrants. Urban Analytics said the early success of 2 Burrard Place is being watched by developers whose projects have been in limbo.

“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.”

Sangha said swift sales at 2 Burrard Place can be attributed to a few things – demand, price, and a unique mix of units that include “convertible” floorplans not seen before in downtown.

“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,” said Sangha. “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.”

Pattison and Reliance launched Burrard Place in 2015, a $500 million, mixed-use community at the Burrard Bridge gateway that is defining an emerging high-density precinct. Covering an entire city block at more than one-million square feet, it is the largest real estate project in each company’s lengthy history and one of the largest projects underway in Metro Vancouver.

The first residential tower, One Burrard Place, sold out within weeks in 2015 and is nearing completion, becoming Vancouver’s 3rd tallest building at 60 storeys. The office building is also nearing completion and actively leasing.

2 Burrard Place will continue the theme of uber-luxury with residents having an in-home control panel that gives them on-demand access to a butler, personal chef, and wine specialist, along with 30,000 square feet of comprehensive amenities like health & wellness spa facilities, a full-size lap pool, and yoga space.

“Downtown will always be a great investment,” said Stovell. “It is the hub for commercial, social and cultural activity … the heart of the city.”

Homes at 2 Burrard Place range from 435 to 1,800 square feet.

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