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New-condo sales have actually picked up, bucking larger market cooldown

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Photo: waferboard/Flickr

As resale prices and sales activity march lower overall in Vancouver, the number of new condos sold climbed last quarter, according to a new report from Urban Analytics.

The real estate-research firm, which gathers data directly from builders, developers and their marketing agencies, counted 3,447 sales of new condos and new townhomes throughout Metro Vancouver in the third quarter of this year.

The tally is up from the 3,254 transactions observed in the previous quarter and largely the result of specific regional demand.

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“The primary reason for the quarterly increase in sales was strong demand in the suburban sub‐markets south of the Fraser River, where investor and entry-level demand for low rise condominium product remained strong,” reads the report, authored by Michael Ferreira, managing principal of Urban Analytics.

Despite the recent sales rally, activity is still down from year-ago levels. In the third quarter, townhome transactions declined 30 percent on a year-over-year basis, while concrete-condo sales fell 21 percent annually. Year-to-date sales of all new multi-family dwellings in Metro Vancouver declined by 14 percent compared to the same nine-month period in 2017.

Selling pre-construction condos has also gotten more difficult lately, Urban Analytics suggests. “Media reports about slowing market conditions, particularly in the resale sector, are also causing some buyers to delay their purchase decisions as they wait to see if prices in the new home sector will drop,” says Ferreira.

Supply has been piling up as a result, the firm notes, and there were 4,478 unsold units in Metro Vancouver last quarter, a quarterly increase of 44 percent. This has led to increased competition between builders, and Urban Analytics sees this trend persisting. “The increased amount of competitive supply being released to the market over the coming months combined with the softer demand will likely put additional moderate downward pressure on achievable sales values,” writes Ferreira.

So far, prices are off 5 to 15 percent from the market’s peak roughly around the beginning of the year, depending on the housing type and location, Urban Analytics estimates. For example, the report estimates new concrete condos on the CAmbie Corridor command average sale prices of $1,500 per square foot, while developers of new townhomes in North Vancouver are having trouble selling inventory at an average of $900 per square foot.

“Buyer urgency levels have dropped considerably among most buyer groups given the increasing amount of competitive supply in the marketplace [and] the number of actively marketing projects competing with one another in a given area,” notes Ferreira.



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Fourth annual real estate summit proves Jersey City is just getting warmed up

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Photo: Robert Clark

There may have been a lot of talk about Amazon at the fourth annual Jersey City summit for real estate investment yesterday, but the summit’s real takeaway was that the Jersey City housing market is just getting warmed up.

The summit, held at 210 Hudson Street, included panels and discussions on Jersey City retail, the multifamily sector, office development and amenities. New Jersey’s 56th governor, the honorable Phil Murphy also addressed attendees.

Of Jersey City, Murphy said, “The best days are yet to come.”

Amazon — which announced yesterday morning that nearby Long Island City, NY will be the future location of one of its two new HQs —  cast a long shadow over the Jersey City-focused summit, but the talk was surprisingly positive.

“Amazon will impact Jersey City, and the state of New Jersey, both directly and indirectly,” said Murphy.

Despite high taxes (in New York) and high living costs, Amazon chose LIC and New York City because they wanted to go where it’s “cool,” noted Jeffrey Gural, chairman at GFP Real Estate and Newmark Knight Frank.

Jersey City’s proximity to Manhattan, diversity, strong sense of community, and growing local amenities make it a great place to live and raise a family — an experience hard to be topped across the river.

“Jersey City is in a prime position to benefit from New York City’s strong labor market, growth, and from Amazon and Google expanding,” said Marshall Tycher, chairman at Roseland Property Trust.

The Manhattan-New York City migration into Jersey City has been accelerating in recent years as many businesses and families find themselves priced out of their current digs.

“If New York City job growth continues, Jersey City will prosper,” said Jonathan Kushner, president of the KRE Group.

Murphy urged developers to look beyond Jersey City’s thriving downtown — recently ranked one of the best in the country — and offered incentives to encourage development that creates opportunities within the community.

If anything, many believe Amazon’s arrival next door will only fuel Jersey City’s ongoing rivalry with Manhattan and force it to grow even more.

“Jersey City has thrived despite having the Big Apple as a neighbor,” said Gural. “Los Angeles doesn’t have Manhattan as a neighbor.”

By the end of the summit, two things were abundantly clear despite the cloudy, rainy autumn weather — Jersey City isn’t worried about Amazon and Jersey City is just getting started. Indeed, the best days are still ahead.



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Fourth annual real estate summit proves Jersey City is just getting warmed up

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Photo: Robert Clark

There may have been a lot of talk about Amazon at the fourth annual Jersey City summit for real estate investment yesterday, but the summit’s real takeaway was that the Jersey City housing market is just getting warmed up.

The summit, held at 210 Hudson Street, included panels and discussions on Jersey City retail, the multifamily sector, office development and amenities. New Jersey’s 56th governor, the honorable Phil Murphy also addressed attendees.

Of Jersey City, Murphy said, “The best days are yet to come.”

Amazon — which announced yesterday morning that nearby Long Island City, NY will be the future location of one of its two new HQs —  cast a long shadow over the Jersey City-focused summit, but the talk was surprisingly positive.

“Amazon will impact Jersey City, and the state of New Jersey, both directly and indirectly,” said Murphy.

Despite high taxes (in New York) and high living costs, Amazon chose LIC and New York City because they wanted to go where it’s “cool,” noted Jeffrey Gural, chairman at GFP Real Estate and Newmark Knight Frank.

Jersey City’s proximity to Manhattan, diversity, strong sense of community, and growing local amenities make it a great place to live and raise a family — an experience hard to be topped across the river.

“Jersey City is in a prime position to benefit from New York City’s strong labor market, growth, and from Amazon and Google expanding,” said Marshall Tycher, chairman at Roseland Property Trust.

The Manhattan-New York City migration into Jersey City has been accelerating in recent years as many businesses and families find themselves priced out of their current digs.

“If New York City job growth continues, Jersey City will prosper,” said Jonathan Kushner, president of the KRE Group.

Murphy urged developers to look beyond Jersey City’s thriving downtown — recently ranked one of the best in the country — and offered incentives to encourage development that creates opportunities within the community.

If anything, many believe Amazon’s arrival next door will only fuel Jersey City’s ongoing rivalry with Manhattan and force it to grow even more.

“Jersey City has thrived despite having the Big Apple as a neighbor,” said Gural. “Los Angeles doesn’t have Manhattan as a neighbor.”

By the end of the summit, two things were abundantly clear despite the cloudy, rainy autumn weather — Jersey City isn’t worried about Amazon and Jersey City is just getting started. Indeed, the best days are still ahead.



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Playground Condominiums at Garrison Point is now selling

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Experience the very best of the Liberty Village and King West neighbourhoods at Playground Condominiums. Located at the corner of Strachan Avenue and Ordnance Street, this brand new 35-storey condominium residence boasts a signature four-acre city park and a comprehensive selection of onsite amenities. Featuring studio to two-bedroom plus den layouts, Playground Condominiums offers modern design and a connected urban lifestyle.

The project is being developed by Fernbrook Homes, Cityzen Development Group and Greybrook Realty Partners. Sales for available units range in price from $481,900 to $966,900. Floorplans are thoughtfully designed with 357 to 1047 square feet of living space, functional linear or L-shaped kitchens, organized reach-in closets and open-air balconies with sweeping views of the downtown core and Lake Ontario.







Playground lives up to its name with an exciting lineup of amenities. The wood and marble-clad lobby is overseen by an attentive concierge, and the state-of-the-art fitness centre allows residents to forego costly gym memberships. Host a large get-together in the party room, complete with a chef’s kitchen and comfortable seating areas.







The kids lounge offers plenty of space to run around, read quietly or work on an art project, and the theatre room is the perfect spot for a cozy movie marathon with friends. During the warmer months, head to the rooftop pool and jacuzzi for a relaxing soak. If enjoying a book in the sun is more your thing, there are plenty of chairs to lounge around on.







Playground Condominiums is just steps away from Liberty Village — home to a Metro grocery store, West Elm, EQ3, Balzac’s Coffee Roasters, and a wide array of casual pubs and restaurants. There’s easy access to bustling King West, as well as Trinity Bellwoods Park on Queen West. Even closer to home, the four-acre park is an ideal place to walk the dog, enjoy a picnic or play with the kids.







Register today to learn more about buying opportunities at Playground Condominiums.

For more information, please call 416 278 8071, email info@playgroundcondos.ca or visit playgroundcondos.ca.



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