Development, Market Research

Market Spotlight: Westside Concrete Condo Values

Here is a snapshot of where concrete values are this year based on resales. Taking a look at Year-to-date MLS resales in Vancouver West for buildings built in 2012 or newer, and excluding the downtown peninsula, yields the following:

  • 134 sales, averaging $808 per SF
  • This market is now firmly entrenched well above $700 per SF in most areas
  • The cheapest sale was $584 per SF

Westside Concrete - 2014 YTD

Source: MLS

The average for Downtown Vancouver remains higher ($904 per SF YTD); however, this is skewed by higher end luxury sales in building such as Residences at Hotel Georgia and 3 Harbour Green. Ultimately, the scarcity of newer concrete product, even in areas that are percieved to have lots of inventory like Olympic Village, is driving Westside concrete values to match or even exceed Downtown prices.

October 29, 2014by david.taylor@colliers.com