Well 2020 is gone… good riddance you might say. Despite the pandemic and political turmoil, 2020 was a great year for real estate and for the Vancouver urban living scene. Real estate may have been the bright spot for the year along with a roaring stock market recovery.
With the stock market at record highs there is capital available for real estate. Many stock market investors will take profits from equities then invest them in other sectors often large real estate projects which can act as a hedge against equities. Vancouver has hundreds of million s of dollars in urban real estate projects working their way through the permitting process. Last week I outlined several of these with the status and estimated timelines.
2021 has the potential to bring great improvements to the urban living experience in Vancouver. Easily more than 700 apartment units should arrive to market this year and maybe closer to 1000. More people living downtown lead to more economic growth for the urban core. Struggling restauranteurs, brewers, and shop owners need a boost after the lockdown infested 2020. They may just get their wish here as vaccines become widespread and more people arrive in the area.
My only concern is that the city pushes the “stupid button” and ruins the MTEP program. I wrote about that several weeks back, read it here. Hopefully the city will recognize the value of this program at bringing hundreds of millions of dollars into the local economy, in fact billions over the next several years with the Waterfront and other Downtown projects.
Happy New Year!