This past week saw two pending sales, one closed and one new listing in Vancouver’s urban condo market. That is a nice contrast to the +11 inventory that I reported last Monday.
Take note that the data on Vancouver’s urban market can have wild swings due as much to the smaller total inventory as actual market activity. The total inventory including all units for sale or not is only about a thousand so the data pool is pretty small. In general inventory for urban style condos is trending tight.
I have no real news about upcoming developments as the city agencies and most construction is on a COVID-19 pause. I would imagine that the new Kirkland Tower project will experience a delayed opening due tot he shut down, but hopefully the units will still be ready by this time next year or earlier. Kirkland Tower will feature 40 luxury units right on the water and will tap into the hotel services for homeowners. This is a unique arrangement here in Vancouver, although it is not a novel idea.
If we can get the virus locked down in the next 30 days and start to ease back into positive economic growth, we should see a robust return to prosperity. One local developer seems to be optimistic as the Columbian reported earlier today that Ryan Hurley and Ten Talents construction submitted a pre-app to the city for a companion office tower to the Hurley Tower completed earlier this year. Let’s hope this virus pandemic ends soon.