It took a while to get built what with the extensive ground work, COVID 19, along with supply and labor shortages. According to the Columbian, Vesta Hospitality expects a soft opening on June 15th for the new hotel that will overlook the new Vancouver Landing park and cruise ship dock. There will be a restaurant and bar as well as a 4th floor patio overlooking the river. This is the first project to complete at Terminal One. A groundbreaking for the twin high-rise project for Zoom Info should happen soon and later on he new dock, market and additional buildings that will complete the vision at Terminal One.
Meanwhile next-door to the west a large high-rise apartment tower is set to rise and ground breaking on that could be a soon as six months, depending on how staging goes for the Zoom Info development.
On the condo front, inventory rose for the third straight week. Prices are holding but overpriced units are seeing reductions on the MLS for the first time a handful of years. The buyers are not biting on listings that are at the top of the range like they were when inventory was at the tightest levels in decades. We are still well into the seller’s market however as inventory will need to fatten up quite a bit before buyers take control of the market. For condo buyers, now is a good time to get in as seller’s will become a little more flexible and rates have the potential to rise further as the year progresses. With inflation firmly in place lower rates are not in the cards right now. Sellers are also on the hot seat. With rising rates and increasing inventory the top of the market could be right now.
Vancouver USA continues to dominate the regional area with its amazing waterfront, fantastic downtown, and an economic boom that seems to be as strong as ever.