This Week in Urban Vancouver

It seems like there has been a bit of an inventory bump at Northwynd Condos in the Columbia Shores area. Several Northwynd units have been listed this past week while one went pending. Meanwhile other units in the Columbia Shores neighborhood have remained steady, the waterfront unit at the Village closed they got 99.5% of full price. Also in Columbia Shores, a Meriwether unit that was withdrawn is now back on the market this two-story condo has a waterfront patio and spectacular views. 3105 SF listed at $2.45 million.

Downtown high-rise developments saw no new inventory this week and no new pending units. The recent snowy weather has no doubt softened the number of showings on these and other housing units in the area. Buyers willing the brave the elements can have an advantage sometimes as the perception for sellers is different when fewer showings are happening, even when the cause is likely only temporary.

Parkview at Vancouver Center continues to offer a relative value in Downtown Vancouver. These units in general are a little less “plush” than the luxury units in Viewpoint, but the west-facing units feature a nice view of Esther Short Park. They suffer a little from higher HOA fees than nearby Viewpoint, but the units themselves tend to be 30-50% less expensive making Parkview an attractive proposition for Downtown urban condos.

Meanwhile on the new waterfront; Kirkland has erected the first crane to help build the Hotel Indigo and the Kirkland Tower Condos. The Kirkland Tower is a 12 story building that just scrapes the bottom of the FAA height limit due to its close proximity to the Pearson Airfield. The Tower crane will need to be raised an additional 50-70 feet to 250 feet, in the summer with a special permit from the FAA. Kirkland will need to remove the crane by autumn to remain in compliance with regulations.

At this point there is no indication of an expected delay in the scheduled 2020 opening of both facilities. These units have no ‘official’ pricing, but the local rumor mill is producing figures in the $1 million to $4 million range depending on size and view.

Rediviva is actively filling up their beautiful new mid-rise apartment building on the waterfront and the much larger Riverwest building should start leasing this spring. So long as demand for both rental and sale units remains solid, the waterfront and downtown construction boom should boost activity for resale condos in the area.

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