Several new listings appeared on the market last week and a several went pending or closed. Inventory was mostly unchanged. With all the apartments going in and seemingly no trouble renting, one would expect a robust engagement with the market from renters wanting a ‘piece of the action’ so to speak. As rates tick up buyers may start to feel the squeeze so buying now while rates remain manageable is not a bad idea.
Those traveling around the city with a keen eye, may have notice a pair of tower cranes were removed recently. The Broadstone Claro on Block 17 at the Waterfront and Aegis Phase One at the Academy have both removed the cranes which is a significant event in the construction of taller buildings. Both projects will still complete exterior detail work and then build out the interior space. Finally the landscaping goes in. The removal of the cranes indicating that the final phase of construction is underway. Those two projects combined will add another 320 or so units to the urban core. We should be able to expect those to start leasing this summer.
The CCRA went over the progress on Vancouver’s Waterfront Gateway District discussing potential land use and development timelines. The western end will likely be the first to develop but we are still a ways out on any groundbreaking ceremonies. That will fill the gap between the waterfront and Esther Short Park.
Conspicuous by its absence is the Hurley Project at 400 Washington. That project cleared most of its design review hurdles but seems to be in a holding pattern at the moment. The project calls for roughly 180 apartment units in a six story building covering the whole block.
2022 is shaping up to be a very busy year for urban development in Vancouver.