Well there will be no shortage of places to engage in revelry this week in Vancouver’s urban core. Of course establishments with a name like Shanahan’s certainly has a leg up on March 17th. But the ‘luck of the Irish’ is in enough abundance this week that all of Vancouver’s adult beverage providers can take a wee sample of the profits.
Condo’s in the urban core this week saw a +2 inventory gain, the first gain in months. It is not much of a gain, but it may alleviate a bit of pressure. I did see a new listing at the Academy Square come in at $275k for a 517 SF 1 bedroom unit. That is one I am watching closely. These units are very old built in the 1940s and typically sell down in the lower $200k range. The unit is typical for the development and is not particularly outstanding relative to the other units sold there recently. So is upper $200’s the new normal for Academy Square. We will just have to see what the market has to say.
I noticed that other than the drilling company that was out a few weeks ago and the survey stakes erected ay Block 18, no other activity is happening not he future site of the Springs Living. That project will be a great addition to the waterfront. If they want to be ready by the 2024 target they have, breaking ground in the next month or two is vital.
The Block 3 tower formally ‘Timberhouse’ is now nearing completion of the concrete base podium portion of constrution. Once they switch to wood framing the tower will quickly rise to its 8 story maximum.
I can’t help but notice that a small tent community has appeared right at the entrance to the Waterfront on Esther Street in plain view of City Hall. This is not a good thing for the area and with the city providing campgrounds specifically set up to accommodate the homeless at our taxpayer expense, the Mayor needs to crack down on illegal camping. All of the energy and public benefit of the urban renewal in Vancouver can easy be thwarted should the city become overrun with homeless. We have witnessed the potential in real time right before our very eyes over in Portland, yet out city leaders seem to be following the Portland model rather than finding a more effective solution. Portland is losing tax base at a dangerous pace. If the hemorrhaging doesn’t stop soon, Rip-City could become the Detroit of the Northwest. Why on Earth would we emulate that mess?
Make you voice heard to City Hall.