Friday, September 22, 2023

Vancouver's City Center Continues its Crazy Growth

Downtown Vancouver started on an epic journey of urban renewal some 25 years ago with the restoration of Esther Short Park and surrounding redevelopment of nearby blocks that were dilapidated. The plan was highly successful and Vancouver continued uninterrupted until about 2010 when the height of the recession slowed things to a crawl everywhere. After the recovery things picked up where they left off and began to accelerate to the frenzied pace we have seen over the last five years. Vancouver's skyline has had at least one tower crane up continuously since 2015. We have had as many as seven simultaneously during this nearly seven year stretch. Vancouver's built up skyline has tripled in size and there is no end in sight.

All of this development has brought a tremendous amount of revenue both public and private into the area. This has helped make Downtown Vancouver one of the most popular destinations in the metro area. For real estate it has opened up opportunities for urban living by making Vancouver's city center more electric and exciting as well as more walkable and bike able with increased services for residents and workers alike.

Condos in high rise and mid rise buildings remain strong in the market and neighborhoods in uptown that were previously struggling are now thriving. This economic revival has spread all over Vancouver and we have become the hot spot for the region. Below is a video showing the Downtown and Waterfront areas. Vancouver has plenty of room to grow Downtown as many blocks remain underdeveloped. With good leadership the boom can continue and even weather a recession well. That's up to the peeps we elect on the city council and the mayor.

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