Two new listings at Tidewater Cove came within a day of each other after months of no activity in the development. Tidewater Cove features some of the most expensive condominium units in the city spread out on a gated campus style property. The buildings are arranged to capitalize on spectacular Columbia River views.
On the more affordable front, several listings went pending and a few more closed without any fresh new listings to replace them. That will tighten things up a bit. There are a great many higher end apartment units that have arrived in the last five years, and many of these renters will want to own soon. Demand for condos in the $500-$700k range could spike hard if interest rates remain in the sub 6% over the next five years.
Projects continue to march ahead as Vancouver’s urban core continues to add hundreds of new units and the market seems to be soaking them all up. Two tower cranes came down in the past few weeks as an indicator that those projects are in the final phases of construction. Aegis at the Academy Phase I has been topped out for a long while ad those 140 units could be available late summer of fall this year. I think that will bring a nice boost to businesses east of Main that have fewer residential units serving them up customers. Block 17 on the waterfront is also wrapping up and should have 177 units available for lease in Q4 as well. Block Ten downtown which has a two tower office-residential setup should open late spring this year. 110 units of housing and a new HQ for the Holland Partner Group.
With those two cranes down, Vancouver’s core only has a single crane operating at the moment. It’s been a while since we had less than two cranes in operation and we had five going less than a year ago. The lone crane being the Waterfront Block 3 project ‘Timberhouse’. There is a crane operating at the Palisades on the Eastside of town. I would imaging a flurry of new cranes is about to arrive as I expect two for the Zoom Info development, another two for the Block 18 and block 19 Waterfront projects, and possibly two for Aegis Phase II and maybe a seventh for the Waterfront parking structure on Block 7. Whether these all operate at the same time is unlikely but possible.
Things continue to look bright for Vancouver’s urban core and there seems to be no shortage of renters and buyers for residential property in Vancouver’s heart.