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“It’s been quite successful due to the timing of the launch. We haven’t really had a big project launch in the downtown (for awhile). The location being in East Village definitely contributed to the number of leases they’ve seen so far and the interest,” she said.
“Rental projects with extensive lifestyle amenities and daily conveniences are more likely to achieve faster absorptions, higher rents and lower turnover. A lot of younger professionals are choosing buildings based on the amenity offering.”
“Arris differs from the competition by offering larger floorplans than what are typically found in downtown Calgary, plus it offers comprehensive, upscale amenities that are becoming a trend among rental buildings,” said Kendall Brown, Market and Rental Analyst at Urban Analytics. “Rental projects with extensive lifestyle amenities and daily conveniences are more likely to achieve faster absorptions, higher rents, and lower turnover. A lot of younger professionals are choosing buildings based on the amenity offering.”
The recent sale of 100 units at 2 Burrard Place might be the sign developers have been searching for after four dark years of cancelled and delayed downtown Vancouver presale launches.
Developers and industry experts are hoping the long-frozen downtown luxury condo market is about to thaw and that long-awaited marketing campaigns can finally get underway.
Presale condo sales near the proposed Surrey-to-Langley SkyTrain corridor are growing faster than in surrounding areas, according to real estate experts.
“We have noticed some additional activity in the City of Langley, where the line will terminate, as well as along parts of the line in Surrey,” said Michael Ferreira, managing principal at Urban Analytics, which tracks presale condo projects.
“In all buildings launched in the last couple of years, we’re seeing amenities like gyms, yoga studios, spin studios, lounges and concierge services become the norm,” says Kendall Brown, Alberta market and rental analyst with Urban Analytics.
After decades of almost no rental project development in Edmonton, the city has seen several launches since 2015, especially in the last year.
The pandemic real estate boom was all about suburban properties with vast, outdoor spaces, and the ability to work from anywhere.
But Stovell said that more recently there has been a feeling that “institutional and consumer investors all the way to homeowners still believe in downtown” with its central location and proximity to work and amenities.
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.
Renters in the city have more choice than ever among new rentals with more than 1,100 new apartments added to the market over the first three months this year, a new report reveals.
“Edmonton had a ton of project launches,” says Urban Analytics analyst Kendall Brown. The market data firm recently published its rental market report for the first quarter of 2021, finding 1,112 new apartment units were added to Edmonton’s rental market.
The sector is now growing so quickly, companies are struggling to fill jobs in absence of migration, says Jackson Cornelius, manager of the market and advisory group for Alberta at Urban Analytics.
He estimates about 5,000 technology job vacancies exist in Calgary alone. “They’re not being filled because of a lack of migration.” Typically new arrivals to Calgary fuel housing demand, especially for the rental market.