{"id":21693,"date":"2023-04-19T11:11:00","date_gmt":"2023-04-19T18:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21693"},"modified":"2023-04-11T09:49:11","modified_gmt":"2023-04-11T16:49:11","slug":"demand-increases-as-more-people-re-prioritize-working-living-in-the-city","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/04\/demand-increases-as-more-people-re-prioritize-working-living-in-the-city\/","title":{"rendered":"Demand Increases as More People Re-Prioritize Working &amp; Living in The City"},"content":{"rendered":"<p style=\"text-align: justify;\">Downtown Vancouver\u2019s residential real estate market is seeing some renewed interest from lifestyle-driven buyers who can afford to \u201clive and play\u201d close to where they work.<\/p>\n<p style=\"text-align: justify;\">Demand for units downtown is \u201csomewhat strong,\u201d according to those who spoke to Glacier Media. The area has been returning to balanced conditions, with buyer activity picking up in the last three to six months, according to Danny Chow, a real estate agent and adviser with Rennie and Associates Realty Ltd.<\/p>\n<p style=\"text-align: justify;\">\u201cI feel like a lot of people are slowly coming back to downtown,\u201d Chow said. \u201cA lot of companies are now wanting their employees to work in the office more than they were and downtown has always been about lifestyle. So now, living and working downtown is coming back as a lifestyle.\u201d<\/p>\n<p style=\"text-align: justify;\">Homebuyers are trickling back into Vancouver\u2019s downtown core following an exodus from the area in search of larger spaces, as was seen earlier in the COVID-19 pandemic.<\/p>\n<p style=\"text-align: justify;\">Though homebuying in the downtown core is seeing some renewal, activity is not as strong as it was a year ago, said Jay McInnes, director of Sharp Real Estate Group and a real estate agent with Oakwyn Realty Ltd.<\/p>\n<p style=\"text-align: justify;\">In February, there were 714 condo listings downtown, which was 1.3% higher than January\u2019s total, and 8% higher than in February 2022, according to Rennie. Sales, meanwhile, have fallen dramatically year over year but risen notably on a monthly basis: There were 111 sales in February, down 60% from the same time last year, and up 29% from January.<\/p>\n<p style=\"text-align: justify;\">Downtown inventory is still low and \u201cnot outside of the norm\u201d compared to the rest of the city, said Jason Dolker, senior vice-president of developer services at Rennie.<\/p>\n<p style=\"text-align: justify;\">This is especially true for new builds, he said. Across the downtown core, there were roughly 90 units available at the time of publication, according to Dolker.<\/p>\n<p style=\"text-align: justify;\">Of the newly completed residential developments downtown, Dolker says the most attractive to buyers are: The Pacific by Grosvenor, Mirabel by Marcon, 1335 Howe by Onni Group and 8X On The Park by Brenhill Developments Ltd.<\/p>\n<p style=\"text-align: justify;\">\u201cIf you\u2019re downtown and you\u2019re saying, \u2018Hey, I\u2019d like to get a new home, I want to buy brand new,\u2019 those are really your main options, which is pretty limited,\u201d Dolker said.<\/p>\n<p style=\"text-align: justify;\">Certain parts of the city that were popular pre-pandemic have become less attractive to buyers, said McInnes.<\/p>\n<p style=\"text-align: justify;\">\u201cThe east side of downtown \u2013 Gastown, Crosstown and Chinatown \u2013 which was very popular before the pandemic, a lot of people now are shying away from, just due to what\u2019s gotten worse down there on the street level,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">Yaletown and Coal Harbour have been the most resilient downtown neighbourhoods for real estate and are still seeing the most interest from buyers, according to McInnes.<\/p>\n<p style=\"text-align: justify;\">A notable transaction in Coal Harbour was the record-breaking sale of a $19.3 million condo, sold within the last month. It was the highest price recorded on MLS for a Vancouver condo in roughly a decade, according to Chow.<\/p>\n<p style=\"text-align: justify;\">Of the 111 properties sold downtown in February, 77% \u2013 or 69.4% \u2013 were sold for a price between $400,000 and $1 million, Chow said.<\/p>\n<p style=\"text-align: justify;\">The median price for a condo downtown was $767,500 in February, a 3% decrease from January and a 9% decrease over February 2022.<\/p>\n<p style=\"text-align: justify;\">The sale price per square foot increased by 5% between January and February to $1,141. Throughout Greater Vancouver, the average price per square foot was $913.<\/p>\n<p style=\"text-align: justify;\">Year to date, most of the sales in downtown Vancouver have been for one-bedroom or studio units, according to McInnes. A one-bedroom unit that includes parking and in-suite laundry is typically priced within the range of $630,000 to $675,000, he said.<\/p>\n<p style=\"text-align: justify;\">Many entry-level or young buyers are choosing to be conservative if they are buying downtown, he said.<\/p>\n<p style=\"text-align: justify;\">\u201cThey\u2019re definitely keeping their purchases on the conservative side, and they\u2019re not overborrowing, they\u2019re not overbuying. If someone isn\u2019t having a kid in the next two years, they\u2019re still looking at that one bedroom, not necessarily two.\u201d<\/p>\n<p style=\"text-align: justify;\">In February, 32.2% of the total inventory downtown had fewer than two bedrooms, but these units accounted for 60.3% of total sales, according to Rennie. By contrast, condos with two bedrooms accounted for 53% of all inventory and 34.2% of total sales.<\/p>\n<p style=\"text-align: justify;\">In addition to prioritizing price attainability, entry-level and young buyers are looking for space that can be used for a variety of functions, according to Dolker.<\/p>\n<p style=\"text-align: justify;\">For example, younger generations may look for a unit with eat-in kitchens and larger living rooms, while older buyers tend to prefer separate dining areas in order to entertain guests, Dolker said.<\/p>\n<p style=\"text-align: justify;\">For those with bigger budgets, it\u2019s about unique experiences and convenience, he added.<\/p>\n<p style=\"text-align: justify;\">Across all buyer profiles, air conditioning has become one of the most-sought amenities, according to Chow.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2023\/04\/condo-buying-activity-returns-vancouvers-downtown-core\" target=\"_blank\" rel=\"noopener\">Condo-Buying Activity Returns to Vancouver&#8217;s Downtown Core<\/a> by Claire Wilson | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Downtown Vancouver\u2019s residential real estate market is seeing some renewed interest from lifestyle-driven buyers who can afford to \u201clive and play\u201d close to where they work. Demand for units downtown &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/04\/demand-increases-as-more-people-re-prioritize-working-living-in-the-city\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-21693","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Demand Increases as More People Re-Prioritize Working &amp; Living in The City &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/04\/demand-increases-as-more-people-re-prioritize-working-living-in-the-city\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Demand Increases as More People Re-Prioritize Working &amp; Living in The City &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Downtown Vancouver\u2019s residential real estate market is seeing some renewed interest from lifestyle-driven buyers who can afford to \u201clive and play\u201d close to where they work. 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