Vancouver Pre-Sale Lineups are Back!

December 1st, 2009 Categories: Downtown, Real Estate

If memory serves me right, it’s been early 2007 since we’ve seen lineups for Vancouver condo pre-sales but that changed on Saturday as the investors lined up (in the rain) to take advantage of the low prices at The Mark, on Seymour and Pacific.

Onni’s new building will be 41 storeys and prices started at $325,000. Given that completion will be 2013, it’s a no brainer that investors can only win as this is one of the final sites available in Yaletown and we assume prices will be higher in 2013 than they are now.

Is this madness? Given the current economic conditions around the world, should Vancouver real estate be moving at such a pace? The problem is lack of supply and lots of International buyers – from what i have observed Mainland Chinese are all over West Side homes and luxury condos and the word is they’re here for a while. In my 28 year career I have never seen such a quick downturn or such a fast recovery. Some buyers are expecting a downturn after 2010 Olympics and some are expecting prices to continue to rise. We shall have to wait and see.

Or is it prudent to be buying now and holding for 10 years? In May the City of Vancouver passed a moratorium on the entire Downtown Peninsula – from Stanley Park to the Cambie Street bridge – which’ll only allow one third of that huge piece of real estate to be developed into new residential buildings and only if it’s mixed use. So, as our city grows and more people want to live Downtown, there will be little new supply, unless the City upzones the north east side of False Creek.

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This entry was posted on Tuesday, December 1st, 2009 at 5:00 am and is filed under Downtown, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.