I wrote on my 'Couv' Life blog about the first of many cranes on the Waterfront. These monolithic machines are the herald of high-rise, and the harbinger of real estate opportunity.
Vancouver's amazing waterfront project is finally starting to show more than just a bunch a fifty foot deep holes. Tower cranes mark the beginning of the rise of tall buildings and the start of some 3300 living units planned for the north shore of the Mighty Columbia River. This $1.5 billion development will be a mixed use of commercial, office, retail, public parks and residential. Over the next 5-7 years it will build out into a world class waterfront.
Many of these units will be offered with exclusive views of the river, Mt. Hood, and the downtown skyline. At first they may seem expensive but often is the case these things will soon become in tight supply. There is a very finite amount of Columbia River waterfront available on either side.
I am already anticipating the first showings as some may be available as early as next fall. Once the cranes arrive the structure goes up pretty quick.
Urban condos however are not for the feint of heart. These units can be rather spendy and the volatility factor in the urban condo market is a bit more of an ebb and tide than traditional single family homes in the 'burbs. There is a serious pent-up demand for apartments and condos as the millennial generation is much more warm to the idea of condo/apartment living than their Baby Boomer/Gen X parents were before them.
Lead Millennials are also coming into their peak earning years. Yes it's hard to believe, but those first Millennials born in the mid-eighties are now in their mid-thirties. They can afford these now, and that is a good thing because the Millennial generation is the largest generation in US history surpassing the Boomers with more than 80 million people. For the next 10-15 years the younger members will come into their peak earning years as well and that could drive a serious demand for this type of living space. Vancouver is in prime position to capitalize on this generational shift in real estate demand.