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There’s no denying the building boom across Metro Vancouver and in the region’s largest city itself. Of the 1,312 active listings, 229 (a touch over 17 per cent) are for condos that are brand new. Some of these are move-in ready, but 80 per cent of them won’t be welcoming homeowners until sometime between 2016 and 2019.
Of those condos yet to complete, the cheapest listing is $275,900 for a one-bedroom in the Renfrew & 2nd complex on the city’s east side. The 48 units in this development that will be finished in 2017 are a mix of one-, two- and three-bedrooms.
Scheduled for completion in 2019, the architectural wonder that will be Vancouver House boasts the most expensive presale: $9,488,800 for a three-bedroom penthouse suite. This particular condo has 3,525 square feet of indoor living space and an additional 2,299 square feet of outdoor living.
Nine presale condos are amongst our reports of recent sales. Developers rarely let their homes go for less than listing and that was the case for six of these properties. One, however, went for one per cent under asking, another for two per cent less, and the third for four per cent under list.
Champlain Heights
Most of the condos in this eastside area are being built in the River District master-planned community, Vancouver’s last and largest waterfront community. Nineteen of Champlain Height’s 25 active listings are for brand-new homes and three others are only two years old – all located in River District.
The least expensive active River District offering is $319,900 for a one-bedroom home in the Three Town Centre complex. When complete in 2017, the owners of this apartment will be just steps away from a yet-to-be-built grocery store, restaurant, banks, shops and cafes. The area’s most expensive listing is $898,000 for a two-bedroom waterfront penthouse in the move-in-ready Shoreline building.
Two sales were reported recently in River District. They included a two-bedroom unit in the two-year-old New Water complex which went for two per cent under its $498,000 asking price and a two-bedroom presale that went for its list price of $514,900.
Fairview
Snug between the southern entrances to the Cambie and Granville bridges, this neighbourhood also runs parallel with the Broadway medical district. It’s an ideal location for those working there or downtown.
While many of the neighbourhood condos were built 20 to 30 years ago, there are some new developments underway. There are two active listings for SOTA at South Granville which will complete in 2016 and three for The Spot on Cambie which is anticipated to be ready for occupation in 2017. These listings range from $734,900 to $4,688,000.
Vancouver Condo Market Snapshot
