Friday, February 7, 2020

Downtown Condo Market Feeling the Squeeze

Downtown condos are becoming a scarce commodity. 2019 saw a steady tightening of the condo market in the urban core of Vancouver. Now as of this writing, there is only ONE urban condo listed in Downtown Vancouver. There are roughly 500 condo units in Vancouver's Esther Short neighborhood (Downtown & Waterfront) and just ONE is listed. One can visit my Urban Living in the 'Couv' site and track the activity over the last 12 months to see that this time last year there were dozens listed.

Downtown Vancouver is on a serious upswing. There is a positive transformation happening and many people, young and old, are looking to be a part of the sustainable lifestyle of urban living.

There is a robust level of new construction in the Downtown/Waterfront area but most of it is apartments. Thousands of new units are under construction. These new units will bring fresh residents to Downtown and many will decide to stake a claim and buy a condo.

At the moment there is one building going up on the waterfront that will offer condominiums for sale, the 12 story Kirkland Tower which is slated to have 40 units in the upper reaches of pricing. Gramor Development has plans for a 14 story condo tower with 80-82 units. That is still in the early planning stages however. It seems Vancouver is on the brink of a serious shortage of condo units downtown.

Buyers are flocking to downtown but there is nothing to buy. Now is a great time to list your urban condo in Vancouver, WA. As a specialist in the urban condo market, I have never seen it this tight. Call me if you have a condo Downtown and are thinking about selling. 

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