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Article content Presale condos started selling in 2015 for One Burrard Place, which should be completed in the fall of 2021. Photo by Reliance Properties /PNG
Reliance and the Pattison Group just launched the second condo tower at their Burrard Place development and 2 Burrard Place sold more than 100 out of 239 homes in two days, the companies said in a news release.
Dillon Sangha, market and advisory manager at Urban Analytics, which tracks presale trends, estimates the 2 Burrard units, which range between 435 to 1,800 square feet, were pre-sold at around $1,700 to $1,850 per square foot.
The 35-storey, 2 Burrard Place will be next to One Burrard Place, another condo tower, which will be 60 storeys. Its presales sold out in 2015 and it’s now nearing completion.
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.
After four quiet years, condo presale buyers return to
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