Reliance Properties has sold over 100 of the total of 239 condominium homes at its Two Burrard Place tower within the first two days of pre-sales.
This is a significant litmus test for the condominium market in downtown Vancouver, which has had zero successful pre-sale launches over the last four years a slowdown period that began with the provincial government’s major interventions in the housing market to deter foreign investment and speculation.
Overall, during the past four-year period, Metro Vancouver’s condominium market softened significantly, and much of the remaining demand shifted to Burnaby, Coquitlam, and Surrey. This eastward suburban trend accelerated greatly last year when living preferences changed as a result of the pandemic, coupled with record-low interest rates.