Sales are stalled and prices are wobbling in the resale sector of Vancouver’s real estate market, as part of both a general slowdown and also uncertainty in the wake of a new property tax for foreign buyers.
But things couldn’t be more different in the region’s presale market for apartments and townhouses, where units in most projects are flying off the shelves and non-resident buyers are still turning up.
“It’s unprecedented. It’s broken every local record,” said Elva Kim, the vice-president of sales and marketing for Anthem Properties. The company, which is developing the project in partnership with Beedie Living, just signed 700 contracts for two towers at Station Square in Burnaby, B.C., in 30 days in September and October, with prices at $870 a square foot in the first tower marketed and $970 in the second one. “The prices we’re getting are ground-breaking.”
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